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FEDERAL HOME LOAN BANK Washington, October 1943 FEDERAL HOME L O A N BANK A D M I N I S T R A T I O NSV; FEDERAL OCTOBER - 1943 HOME Page I f \ A^ Iwl L » V ^ # A I ^ I OPERATING STATEMENTS SHOW CONTINUED IMPROVEMENT 2 L I F E I N S U R A N C E M O R T G A G E L E N D I N G C O N C E N T R A T E S ON H O M E S 5 POST-WAR PROSPECTS CLARIFIED ••% A k 11/ 8 C E N S U S E S T I M A T E S V A L U E O F U. S. D W E L L I N G U N I T S 21 A N E W BRITISH GIANT 28 BANK REVIEW im_m_m_mm_mm__ammaamm^mm^ -———-———----N A T I O N A L HOUSING AGENCY , , „ n, ,„ , , . , . John B. Blandford, Jr„ Adminlst-ator Worth Repeating H o n o r Roll of War-Bond Sales The Home F r o n t . . . Monthly Survey Directory Changes of Member, Federal, a n d Insured Institutions J & > > 7 10 14 17-21 28 U FEDERAL HOME LOAN BANK ADMINISTRATION ^ ^ ^ John H, Faheyi Commissioner TABLES: ™ FEDERAL HOME LOAN BANK SYSTEM FEDERAL SAVINGS AND LOAN ASSOCIATIONS FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION HOME OWNERS' LOAN CORPORATION UNITED STATES HOUSING New family dwelling units Building costs . Savings and loan lending Mortgage recordings . Total nonfarm foreclosures F H A activity _ Federal H o m e Loan Banks Sales of U. S. war-savings bonds Savings in selected financial institutions Insured savings and loan associations 22-23 23-24 24-25 25-26 26 26 26 27 27 27 CORPORATION Vol. 10 No. 1 S U B S C R I P T I O N P R I C E OF R E V I E W : The REVIEW is the Federal Home Loan Bank Administration's medium of communication with member institutions of the Federal Home Loan Bank System and is the only official organ or periodical publication of the Administration. The REVIEW will be sent to all member institutions without charge. To others the annual subscription price, which covers the cost of paper and printing, is $1. Single copies will be sold at 10 cents. Outside of the United States, Canada, Mexico, and the insular possessions, subscription price is $1.60; single copies, 15 cents. Subscriptions should be sent to and copies ordered from Superintendent of Documents, Government Printing Office, Washington, D. C. A P P R O V E D BY T H E BUREAU OF T H E B U D G E T October 1943 OPERATING RATIOS INDICATE STRENGTHENED POSITION OF MEMBERS Analysis of the 1942 operating statements of over 3,700 member sayings and. loan associations reveals that, despite war-time restrictions, member institutions have further strengthened their position. In line with the trend followed during the last several years, an increasing proportion of net earnings was allocated to reserve accounts during 1942—a cushion against the shock of post-war adjustments. • IN the September REVIEW, the condition of reporting member savings and loan associations was discussed as it appeared from the combined statement as of December 31, 1942.* This discussion revealed that during the first full year of war-time operations a marked change in the asset structure of the average association had occurred, with the result that its position had been improved. The strong position of savings and loan associations in the face of war-time changes is equally evident from their combined statement of operations for the calendar year 1942. Operating data for December 31, 1942, provide broader coverage than ever before—with 3,722 savings and loan members of the Bank System reporting as compared with only 3,536 a year ago. Although this difference in the number of reporting institutions makes comparison of operations in terms of dollars less realistic, the broader coverage improves the more significant analysis of operating ratios. Net Income Ratio Up Interest received on first mortgage loans—the principal source of income for savings and loan associations—represented $89.33 for each $100 of gross operating income received during 1942. This is a slight increase over the $88.07 for 1941 and reflects not only a small gain in the mortgage portfolio during the year but also improved collections and reduced delinquencies. Miscellaneous operating income increased from 3.2 percent in 1941 to 3.6 percent in 1942, principally as a result of interest income from the Government bond account. All other items of operating income continued to show 1 The combined statement of condition on pp. 358 and 359 in the September issue was not shown in thousands of dollars as indicated on the table, but rather in dollars. > 2 a decline. Net income on real estate owned, which in 1940 contributed $2.44 and in 1941, $1.60 to every $100 of operating income, provided only $1.03 last year. This is the natural result of the liquidation during the year of an additional one-third of real estate owned by member institutions of the Bank System. Total operating expenses in relation to gross operating income remained the same as in 1941, although a slight increase was shown in the percentage devoted to compensation for personnel and a slight decrease in the proportion expended for advertising. However, the combined effect of the several income and expense items was to produce a net operating income ratio of 73.6 percent which is identical with that of the preceding year. Net income in relation to gross operating income increased fractionally from 71.9 to 72.3 percent. As in the previous year, this ratio improved because interest on Federal Home Loan Bank advances and other borrowed money declined and because total nonoperating charges fell off sharply. Effect of Growing Liquidity I t is interesting to analyze the effect of growing liquidity upon the operations of member institutions—for cash and Government bonds are not such high-earning assets as first-mortgage loans. One good test of earning power is to relate net operating income to the average amount of capital invested. This comparison shows that all reporting member institutions in 1941 earned 4.45 percent on their average invested capital, whereas the comparable ratio for 1942 was only 4.33 percent. The greatest proportion of this decline is accounted for by the reduced earning ratio of Federal savings and loan associations. Federal Home Loan Bank Review accounts as such rather than retained as undivided profits. Member institutions stand to benefit from their constantly improving reserve position, for every dollar set aside gives them strength to meet the shocks which may occur during the post-war period. All reporting member institutions received 1.2 percent of their gross income during 1942 from interest on investments as compared with 1.0 percent last year. Federal associations, which increased their Government bond accounts by a greater dollar amount than any other type of member institution, showed twice the ratio of interest income on investments for 1942 that they did for 1941. Insured State associations reported a smaller gain and uninsured members, an actual decrease during the year. Variations by Class of Association Reference to Table 1 will show that, as a general rule, the trends shown for all member institutions from 1941 to 1942 are mirrored in the operations of each of the three classes of associations. As in years past, the group of uninsured State-chartered member associations showed a substantially lower ratio of operating expense to total operating income than did either Federal or State-chartered insured associations. This was true for each individual expense category and resulted in a higher ratio of net to gross income for the uninsured group. I t is interesting to note that, when compared with 1941, expenses for office quarters absorbed an equal or smaller portion of gross operating income for both Federal and State-chartered insured associations, but loomed as a greater expense for uninsured member associations. This increase for uninsured members may be indicative of the gradual emergence of the neighborhood association from the back-room More Money to Reserves The distribution of net income, which is shown in the lower section of Table 1, reveals that a declining portion of net earnings was used for dividends (including interest on deposits and investment certificates), while an increasing share was earmarked for the reserve and undivided profit accounts. During 1942, only 71 percent went to dividend and interest payments as compared with 73 percent for 1941 and 75 percent the previous year. On the other hand, the amounts set aside for reserves and undivided profits increased from 25 percent of net income in 1940 to 27 percent in 1941 and 30 percent last year. It is significant, too, to note that an increasing proportion of these allocations was placed in the reserve Table 1.—Selected operating ratios for reporting savings and loan members of the Federal Home Loan Bank System [Calendar years 1941 and 1942] I n s u r e d State-chartered Uninsured State-chartered Federals All associations Item 1942 N u m b e r of associations I n t e r e s t income: On mortgage loans ._ - . -_ _. P r e m i u m s , fees, commissions, etc __ T o t a l gross operating income N e t o p e r a t i n g income _ - . - . .__ - - - -- . . . _ __ _ Less: I n t e r e s t on F H L B a d v a n c e s a n d other borrowed m o n e y A d d : T o t a l n o n - o p e r a t i n g income Less: T o t a l non-operating charges _- 1941 1941 1942 1942 1941 1942 1941 3,722 3,536 1,464 1,456 926 814 1,332 1,266 Percent 89.33 3.67 1.03 2.35 3.62 Percent 88.07 3.87 1.60 3.27 3.19 Percent 91.08 3.01 0.39 2.65 2.87 Percent 89.78 3.29 0.75 3.78 2.40 Percent 86.43 5.06 1.64 2.38 4.49 Percent 85.49 5.52 2.46 2.84 3.69 Percent 89.27 3.41 1.48 1.83 4.01 Percent 87.57 3.41 2.20 2.83 3.99 100.00 100.00 100. 00 100. 00 100.00 100. 00 100.00 100. 00 12.98 2.97 1.88 8.57 12.66 2.96 2.10 8.67 13.38 2.98 2.46 9.16 13.11 2.97 2.78 9.27 13.87 3.16 1.88 10.24 13.71 3.28 2.13 10.46 11.49 2.76 0.95 6.03 11.11 2.69 1.05 6.30 26.40 26.39 27.98 28.13 29.15 29.58 21.23 21.15 73.60 73.61 72.02 71. 87 70.85 70.42 78.77 78.85 1.92 2.25 1.62 2.03 2.45 2.17 2.57 1.50 1.42 2.69 2.08 2.00 1.70 2.94 1.61 1.95 3.10 2.43 1.03 2.79 1.97 1.10 2.49 2.21 72.31 71.86 69.53 69.26 70.48 69.14 78.56 78.03 D I S T R I B U T I O N OF N E T I N C O M E D i v i d e n d s (including interest on d e p o s i t s a n d i n v e s t m e n t certfi- N e t income October 1943 - - - -- 70.65 18.05 11.30 72.87 15.80 11.33 68.70 19.14 12.16 70.16 16.23 13.61 71.26 18.88 9.86 73.56 15.50 10.94 72.90 15.79 11.31 76.02 15.44 8.54 100.00 100.00 100.00 100.00 100.00 100.00 100. 00 100.00 3 or second-floor office to more attractive ground-floor locations. I t may also reveal that competition has forced smaller institutions to maintain office hours similar to those of their competitors. Insofar as distribution of net income is concerned, Federals transferred the largest portion of their net earnings to reserves and undivided profits—over 31 percent during the past year. Insured State-chartered members were second, devoting 28.7 percent to this purpose. Uninsured associations retained 27.1 percent of net income in reserves and undivided profits. Analysis by Asset Size Groups As in previous years, the entire group of reporting member institutions has been divided into nine assetsize categories. The operating ratios for each group of institutions are shown in Table 2. These data should serve as a valuable tool for management inasmuch as the operating results of the individual associations may be readily compared with those of institutions of a similar size. For the third consecutive year since the information has been available in this form, it is apparent that the larger member associations have a higher degree of operating efficiency. Total operating expenses as a percentage of gross operating income reveal a tendency to decline as size of institution increases. The spread between these ratios in 1942— 25.6 percent to 36.5 percent-—is greater than during either of the last 2 years. However, if the two lowest asset-size groups of less than $100,000, comprising a relatively small minority of associations, are excluded, the ratios of operating expense to operating income vary only within a narrow range— from 25.6 percent to 27.5 percent. The relative consistency of the income and expense ratios for each group of institutions over a period of 3 years is ample evidence of the value of this type of information. A glance at Table 2 and reference to similar data for 1940 and 1941 will prove this fact. (See Federal Home Loan Bank R E V I E W for September 1942, p. 396; and August 1941, p. 369.) The larger institutions continue to have an outstanding advantage over smaller associations in the compensation item, in spite of the fact that smaller institutions generally operate under part-time management. Larger institutions continue to expend more for advertising purposes. There are several conspicuous differences between the smaller and larger institutions: premiums, fees, (Continued on p. 6) Table 2.—Selected operating ratios for 3,722 savings and loan members of the Federal Home Loan Bank System [For the year ending December 31, 1942, by size of association] N u m b e r of associations . . _ Interest income: O n m o r t g a g e loans O n real e s t a t e sold on c o n t r a c t . . P r e m i u m s , fees, commissions, e t c . . _All other operating income T o t a l gross operating i n c o m e . -- - - - - - - -_-_- Compensation _ . -M a i n t e n a n c e a n d depreciation of office q u a r t e r s A d v e r t i s i n g - _. ._ - - -- T o t a l operating expense N e t o p e r a t i n g income . _ - Less: I n t e r e s t on F H L B advances a n d o t h e r borrowed Less* T o t a l n o n - o p e r a t i n g charges N e t income Less t h a n $50,000 $50,000$99,999 3,722 40 172 662 776 769 814 318 117 54 Percent 89.33 3.67 1.03 2.35 3.62 Percent 82.41 7.23 3.89 3.72 2.75 Percent 85.29 4.12 3.85 3.76 2.98 Percent 89.09 3.22 2.28 3.27 2.14 Percent 89.01 3.45 0.76 2.89 3.89 Percent 88.68 4.57 1.57 2.48 2.70 Percent 89.75 3.69 1.16 2.51 2.89 Percent 89.65 3.71 0.98 2.16 3.50 Percent 87.90 4.25 0.92 2.56 4.37 Percent 90.24 2.61 0.00 1.72 5.43 100. 00 100.00 100.00 100. 00 100. 00 100.00 100.00 100.00 100.00 100.00 12.98 2.97 1.88 8.57 20.48 4.58 0.57 10.90 19.55 3.48 0.68 9.68 16.05 2.76 0.86 7.84 15.19 2.81 1.05 8.30 14.38 2.89 1.39 8.32 13.38 2.87 1.85 8.62 12.57 2.73 2.06 8.47 11.66 3.10 2.08 8.78 11.79 3.40 2.32 8.78 Total Item ... - _ - $100,000- $250,000- $500,000- $1,000,000- $2,500,000- $5,000,000Over $249,999 $499,999 $999,999 $2,499,999 $4,999,999 $9,999,999 $10,000,000 26.40 36.53 33.39 27. 51 27.35 26.98 26.72 25.83 25.62 26.29 73.60 63.47 66.61 72.49 72.65 73.02 73.28 74.17 74.38 73.71 1.92 2.25 1.62 2.73 3.76 11.54 2.39 8.98 7.16 2.47 2.28 1.98 2.30 2.57 1.84 2.28 1.96 1.09 2.06 1.94 1.35 1.94 2.39 1.74 1.55 2.24 2.05 1.51 2.49 1.60 72.31 52.96 66.04 70.32 71.08 71.61 71.81 72.88 73.02 73.09 D i 3TRIBUTIOJi D i v i d e n d s (including interest on deposits a n d investTransfers to reserves _ B a l a n c e to u n d i v i d e d profits N e t income 4 _ . . . ._- . . -_ OF N E T I NCOME 70.65 18.05 11.30 97.89 21.21 19.10 71.41 23.61 4.98 71.42 17.79 10.79 70.97 16.44 12.59 70.96 17.14 11.90 71.48 17.58 10.94 70.33 18.50 11.17 68.98 18.63 12.39 70.83 18.76 10.41 100. 00 100. 00 100.00 100. 00 100. 00 100.00 100.00 100.00 100.00 100.00 Federal Home Loan Bank Review LIFE INSURANCE MORTGAGE LENDING CONCENTRATES ON HOMES During 1942 life insurance companies further strengthened their pos/tion in the field of home mortgage financing. They showed a continued and increasing preference for mortgages secured by homes, with growing use of loan correspondents, and also of FHA facilities. • ALONE among the Nation's mortgage-lending institutions; the life insurance companies last year showed a sharp gain in their home-mortgage holdings. During 1942 the increase in the dollar volume of mortgages held by life insurance companies on 1- to 4-family homes was $278,175,000, or 14 percent, whereas the portfolios of savings and loan associations, mutual savings banks, and commercial banks have shown a remarkable rigidity during the first year of the War. Furthermore, for the first time since such records have been available, the largest part of the mortgage-investment funds of insurance companies is now in home mortgages. The $2,255,000,000 aggregate amount of home loans outstanding as of December 1942 represented one-third of total loans outstanding and was greater than the amounts secured by commercial properties, apartment houses, or farms. This is in contrast to 1936, when only one-fourth of all life insurance mortgages were secured by homes. How They Acquired Loans During a period such as 1942, when the war-production program caused shifting opportunities for home financing in towns and cities throughout the country, life insurance companies, operating in many cases on a nation-wide basis, were in a strategic position to compete for the business. In this they were aided, apparently, by the increased use of loan correspondents. The number of new 1- to 4-family residential mortgages obtained through loan correspondents increased 29.9 percent, while those obtained in the companies' own name increased by only 2.5 percent from 1941 to 1942. New mortgages on this class of property purchased from others decreased 5 percent from 1941 to 1942. Of the total volume of new mortgages secured by all types of real estate during the year, about onesixth were acquired through correspondents. Nearly two-thirds of this total was originated directly, while about 20 percent of all mortgage investments were bought from others during the year. October 1943 Small Drop in New Lending Like other mortgage lenders, life insurance companies were not able to lend nearly as much money on homes as they could have but for the wartime restrictions on building. Their total of new mortgages on all types of property in 1942, acquired through new loans or purchase, was down 9 percent from the year before in dollar volume. The comparisons are $1,110,557,000 for 1941 and $1,016,607,000 for 1942. But their 1942 volume of new investments in 1- to 4-family homes, $554,595,000, was only 2 percent less than the previous year's figure, whereas their farm mortgages were down 5 percent to $126,851,000, apartment house loans, 14 percent to $141,965,000, and commercial property loans down 23 percent to $193,196,000. I n the disposal of residential real estate owned, life insurance companies lagged somewhat behind other lending institutions. The further strengthening during the year of the position of life insurance companies in the home-financing field is graphically portrayed in the bar chart above. The greatest gain was again recorded in mortgages held on 1- to 4-family homes. Total mortgage holdings of life insurance companies at the end of 1942 for the first time exceeded the volume held in 1933. 5 The combined life insurance mortgage holdings on all types of property, including commercial buildings, apartment houses, and farms, as well as 1- to 4-family homes, increased during 1942 by 5 percent, from $6,421,789,000 to $6,759,258,000, continuing the upward trend of the last six years. Total mortgages outstanding are now the largest in ten years, surpassing the $6,702,575,000 of 1933, but still one billion dollars below^ their all-time peak of 1931. F H A Financing Preferred The insurance companies, seldom in a position to know the "local real-estate picture/ 7 have shown a continued preference for the FHA-insured mortgage which, for a number of reasons, seems especially well suited to the nature of their operations. Insured loans outstanding increased 33 percent during 1942 in comparison with the 5-percent rise in the total volume of mortgages outstanding. Nearly onehalf—$1,030,000,000 out of $2,255,000,000—of the home loans held at the end of the year were insured by FHA under Titles 203 and 603, and insured loans accounted for practically all of the 1942 growth in their home mortgage holdings. Insurance companies, in fact, now hold more than one-fourth of the FHA-insured home mortgages outstanding. Assets Have Increased in Proportion Before jumping to conclusions about the growing activity of the insurance companies in the homefinancing field, however, it should be noted that the growth of their combined mortgage portfolio has been matched during the last six years by growth in other assets (except for real estate owned) so that the ratio of total mortgage loans to total assets has remained almost constant at about 20 percent throughout this period. Real estate owned has de clined from over 7 percent in 1935 to 3 percent at the end of 1942. The significance of the report, therefore, lies in the growing concentration of the life insurance industry's mortgage lending on the 1- to 4-family home which is the backbone of the activity of many other types of mortgage lenders. A Glance at the Past Before 1929, in the days of the "straight mortgage," the insurance companies were fairly active in the home-lending and financing field. During the depression they turned to other fields of investment, failing to renew many of their mortgages or allowing 6 others to be refinanced on the direct-reduction loan basis by other lending institutions. Since 1936 they have again been increasingly active in home finance, themselves employing the direct-reduction loan to good advantage. FHA mortgage insurance, with the FHA inspection features and other underwriting procedures, appears to have largely offset many of the natural disadvantages which beset large corporations undertaking to finance homes in thousands of scattered communities subject to almost infinite variations and gradations. Future Competition Whatever conclusions are drawn by other types of mortgage lenders from this annual survey of the life insurance mortgage portfolio for 1942, complacency regarding the future should not be among them. Rather, in the post-war. world the local institution will need to pay increased attention to giving special and distinctive service to its community. There may be ways in which the local institution, acting alone or with neighbors, can combine the benefits of "largescale" operations with the natural advantages which come from being local in character. An early issue of the R E V I E W will discuss a recent example of large-scale financing of war housing by West Coast savings and loan associations which, in this regard, has particular interest. Operating Ratios (Continued from p. 4) commissions, etc., loom larger in the gross operating income of smaller associations. On the other hand, interest on Federal Home Loan Bank advances and other borrowed money absorbs a greater percentage of their income because the borrowings of smaller institutions are generally higher in relation to their assets. Net income—after allowing for interest on borrowed money and for non-operating income and charges—shows a tendency to increase with growing asset size. Although it is true that larger institutions set aside a higher proportion of net earnings in the form of reserves and undivided profits than do the smaller members, the differential is decreasing. The only exception to this is in the case of the 40 institutions with assets of less than $50,000. This group used 97.9 percent of net income for payment of dividends, and in order to transfer an adequate amount to reserves, undivided profits were drawn on in an amount equal to 19.1 percent of net income. Federal Home Loan Bank Review WORTH REPEATING A LAWYER LOOKS AT PREFABRICATION " . . . I n 1942, 16/ 2 percent of t h e t o t a l n u m b e r of homes constructed were prefabricated, while the highest percentage attained in any previous year was one-half of 1 percent . . . The fact t h a t a prefabricated house is demountable a n d therefore mobile will increase, theoretically a t least, t h e loan hazard. This risk factor, however, would seem t o be more t h a n offset by t h e additional protection against possible loss in value of t h e security from neighborhood decline . . . All things considered, there would seem to be no reason why t h e interest r a t e should be higher nor t h e financing period shorter . . . As lawyers, we know t h a t laws relating to land constitute t h e oldest body of our law. We also know t h a t their basic concept is feudal in origin and utterly in conflict with t h e needs of an industrial society . . . Since a house m a y be declared to be either land or personal property in a specific agreement showing such intention, legal mechanics now exist and are available to the prefabricated housing industry to deal with prefabricated houses as personal property when selling such houses . . . If simpler mortgage lending a n d new legal concepts are necessary to spread home ownership, to m a k e it more easily attainable a n d more sound economically, lawyers a n d mortgage bankers, with high purpose a n d realistic perspective, will be ready and able to effect changes necessary to bring this a b o u t . " Bettin Stalling, Regional Counsel, Chicago Regional Office, HOLC, before the Real Property Law Division of the American Bar Association at Chicago, 111., August 24, 1943. BIG BUSINESS: "Housebuilding has a t last a chance t o become big business. In the years following t h e war t h e combination of p e n t - u p demand, relatively large savings, new a n d cheaper materials, and advanced techniques should provide opportunities for reaching a mass m a r k e t such as never before have been presented." Miles Colean, Banking, September 1943. October 1943 LOOK AHEAD: "Appraisal is always based on forecast. You are making a loan today, t h e r e p a y m e n t s of which are going t o be made over future years. The backward look doesn't help .any—it hurts you instead of helping you. Let us look a h e a d . " Henry Hoagland, American Savings and Loan Journal, September 1943. PROSPERITY: "We should remember t h a t t o d a y ' s 'prosperity' should be used only t o m a k e provision for t h e future with every available dollar going into reserves, particularly and most urgently into War B o n d s . " Walter McLucas, The American Banker, September 9, 1943. READJUSTMENTS: "If t h e world's standards of living fail to achieve new heights during t h e post-war era, it will not be for want of technical foundations . . . I t will be because of failure t o solve t h e complex economic, social, and political problems t h a t are being raised by t h e war a n d t o perform t h e difficult readjustments t h a t will become necessary with t h e return of peace." The Guaranty Survey, August 31, 1943. MAKING THRIFT POPULAR: "Only a concerted program t o popularize thrift will lead t h e people t o effect sufficient savings to stabilize our economy under war and post-war pressure. T h a t this end can be achieved more effectively, more equitably, and with more benefit to our national morale by t h e reawakening of a popular thriftconsciousness t h a n by Government regulation t h r o u g h compulsory savings, surely no savings banker will d e n y . " Frances B. Cox, Savings Bank Journal, September 1943. SALESMANSHIP: "if w e can develop into salesmen who are capable of selling the stability of our institutions and t h e flexibility and convenience of our savings service, we can quit worrying about finding savings customers." Paul Westerfield, Fifth District Quarterly. POST-WAR BOOKSHELF Although inclusion of title does not necessarily mean recommendation by the REVIEW, the following recent publications will be of interest. POST-WAR JOBS IN PRIVATE BUSINESS.—A H a n d b o o k for Comm u n i t y Chairmen. T h e Committee for Economic Development, Fields Development Division, Washington, D. C , August 1943. 20 p p . illus. (Available on request from U. S. D e p a r t m e n t of Commerce, Washington, D. C.) PLANNING WITH YOU.—Reprint from August 1943 Architectural Forum. (Available in quantities a t 50 each from t h e Architectural F o r u m , 19 West 44th Street, New York 18, New York.) AMERICAN CITIES AFTER THE WAR.—A Plan for t h e Elimination of Blighted Areas. Preliminary report No. 1 of t h e Committee on PostWar Planning, J u n e 1943, mimeo. (Available a t $2.00 from the National I n s t i t u t e of Municipal Law Officers, 730 Jackson Place N.W., Washington, D. C.) THE CITY; ITS GROWTH; ITS DECAY; ITS FUTURE.—By Eliel Saarinen. 1943. 380 p p . Reinhold Publishing Corporation, 330 West 42d Street, New York, New York. ($3.50). THE VALUATION OF LAND IN URBAN BLIGHTED AREAS.— Homer H o y t a n d Leonard C. Smith. The American I n s t i t u t e of Real Estate Appraisers, 22 West Monroe Street, Chicago, Illinois. ($1.25) CIVILIAN SPENDING AND SAVING, 1941 and 1942.—40-page free booklet available from the Consumer Income a n d D e m a n d Branch, Division of Research, Office of Price Administration, Washington, D . C. PREFABRICATION— 16-page free booklet available from American Bankers Association, D e p a r t m e n t B - 3 1 , 22 E a s t 40th Street, New York 16, New York. 7 POST-WAR PROSPECTS CLARIFIED NHA Administrator Blandford reports on progress of the whole warhousing program, and answers questions about post-war prospects for the housing industry. • ON September 20, Adminstrator John B. Blandford, Jr., of the National Housing Agency, reported that some 1,204,000 accommodations for war workers have been completed, with 269,000 in varying stages of construction. Of the new accommodations provided since 1940, some 554,000 family dwelling units were privately financed new construction, and approximately 176,000 family units were produced by privately financed conversions of existing structures. Sixty-one percent of the war housing thus far completed and 69 percent of all family dwellings built have been privately financed. All of this housing has been built by private contractors or by private builders. Opportunities for Lending Institutions While it is hoped that close to 600,000 incoming war workers, through cooperation with the War Housing Centers and their intensified "Share Your Home" campaigns, can be housed without new construction or conversion in the fiscal year 1944, the NHA estimates that provision of some 475,000 additional housing units will be needed through construction or conversion. " W e are hopeful," Mr. Blandford added, " t h a t private financing can be obtained for at least half the additional housing needed. The balance which will require public financing will consist of temporary family dwellings or dormitories and converted family units." While the continued need for war housing thus provides an opportunity for mortgage-lending institutions, the deterioration of existing housing forecasts a large post-war job ahead. Intensified use, Mr. Blandford pointed out, is intensifying deterioration, at a time when there is no new construction in non-war communities, normal upkeep and repairs have been curtailed, and cities generally have stopped the demolition or condemnation of substandard housing accommodations. "These factors broaden even further the proportions of the great housing job that must be doneafter the war, when materials "and manpower again are plentifully available," the Administrator said. 8 Post-War Questions and Answers In the Architectural Forum for September 1943, Administrator Blandford answered eight post-war questions of vital interest to mortgage lenders. Excerpts from Mr. Blandford's answers are presented in the following paragraphs. Disposition of temporary war housing: " T h e job of the N H A will be to keep closely in touch with the national plans for reconversion to a peacetime economy, and to work out with the communities themselves an orderly program of removal which will be in balance with these national plans as well as with local needs. In essence, the job of removing temporary war housing will require the closest cooperation and consultation with the communities. I should like to emphasize, moreover, that our policy will be to demolish temporary projects, not to sell them for possible continued use as housing . . . " Disposition oj permanent war housing: " . . . without specific authorization by Congress, no housing may be conveyed to any public or private agency organized for slum clearance or to provide subsidized housing for persons of low income. As the transition to a peacetime economy comes nearer and as broader information becomes available as to the volume of housing to be disposed of, as to the general real estate market condition in major war production centers, and on the desires and needs of communities, Congress may wish to consider other methods of disposition of units built under the Lanham Act program. " . . . Subject to actual experience . . . demountable units will provide a flexible supply of housing in the post-war period, available for continued use on present sites if permanently needed by the communities, or for removal to other uses such as farm housing, or possibly for temporary use by convalescent military and naval personnel . . . " . . . Throughout the war housing effort, privately financed housing has been programmed in amounts related to long-term needs as well as to the emergency needs which justified the construction in wartime. While the requirements of the war effort have been paramount in setting the terms for the Federal Home Loan Bank Review privately financed war housing as well as for publicly financed projects, there appears to be a reasonable basis for the assumption that private projects generally will be absorbed by the communities in the post-war period . . ." Resumption of building before peace: " . . . The war housing construction program, which may reach its later stage during the coming 12 months, has consumed less than 1 percent of the total national output of critical metals. Assuming the continuing availability of other building materials, the possibility of continuing to use some similar amount of critical metals to check at least partially the deterioration in general housing conditions and to hold together the building industry and its distribution system is one that should receive serious consideration, subject to the material and manpower needs of the war effort." Full production after the war: " . . . With respect to productive capacity, there should be a basis for reasonable optimism. Given the determination to make housing construction a major post-war activity and assuming the war follows a pattern which permits partial reconversion of material and equipment facilities and partial training and mobilization of manpower for housing construction prior to the final day of victory, we should have the productive capacity to reach an annual building rate of 1,000,000 houses by the end of the first post-war year. " . . . I t is important that our communities themselves in cooperation with builders and lending institutions begin at once to determine the general outlines of their post-war need for housing in the light of their probable position at the end of the war . . . Clearly, the time it will take to reach a rate of a million new houses a year will be determined by the speed with which this cooperative job of defining need and market demand can be carried out. "Preparations for quick development of a broadscale post-war housing market will also be helped by realization on the part of communities, builders, and lenders that the great area for post-war activity lies in supplying modern housing for the lower-income families—the mass housing market that has never been adequately supplied. Admittedly there will be a strong post-war demand for housing in the higherprice brackets, where new building has been completely cut off during the war. But if builders and lenders repeat the mistake of the Twenties by concentrating on this high-priced market at the expense of large-scale production of low-cost accommodations, it is doubtful that a million-a-year housing output October 1943 552574—43 rate could ever be attained and it is certain that such a rate could not be long sustained . . ." Post-war FHA policies: " I t remains to be demonstrated that changes in the downpayment provisions of Title I I insurance on small homes are needed in the interest of home ownership . . . With respect to FHA insurance procedures for new rental projects in the post-war period, further study of possible changes and improvements in these procedures may well be desirable. Such studies might include consideration of the feasibility of applying yield insurance to the total investment in such projects as an alternative to the insurance of high percentage mortgages . . ." Low-rent public housing: "Our broad long-term objective for post-war must be a maximum program to provide good housing for all American families. Within that framework, the challenge to private enterprise is to do as much of the job as possible. The area for privately financed operations will be limited only to the extent that private capital does not meet adequately the need of the low-income groups . . . When information is available on what part of the post-war housing load in the communities will need Federal financial assistance, we will be in a position to discuss specific proposals and specific programs with Congress. Active measures in all communities to prepare community plans and to measure as accurately as possible the post-war need for all types of housing represent the most important area for community activity at this time . . . " Technical research: " . . . We also favor governmental support of research and technical studies to keep the housing industry on the highest possible plane of technical development . . . " Desirability of continuing NHA: " . . . I believe that teamwork and a unified approach to housing should be preserved in the post-war period. On this basis, the resources of all groups concerned with housing—local governments, builders and contractors, lending institutions, building supply manufacturers, labor and the Federal Government—can best be teamed up and brought to bear with full force on the achievement of the maximum potentialities of post-war housing. On this basis, we can attain unity of research, a unified legislative approach, greater stability in financing, and a more thorough attack on all phases of the housing need, with a maximum area for productive enterprise. What form this unified approach to housing will take in the post-war period and what its relationship to other federal activities will be are, of course, matters for determination by the Congress and the President." 9 -2 HONOR ROLL OF WAR BOND SALES • O P E R A T I N G under the slogan—"Let's Make I t a Billion"—Bank System members put forth even greater bond-selling efforts to meet their selfimposed quota for the Third War Loan. For example, the Bond House (see cut) was presented to the City of Worcester, Massachusetts, by the Worcester Cooperative Federal Savings and Loan Association during the drive, to remain, in operation for the duration. At the opening, 1,000 marched and 20,000 heard the speech-making. The building is equipped with a Liberty Bell which each bond buyer is invited to ring. Continuous tolling of this Liberty Bell on the opening half-day announced sales in excess of $105,000. The Worcester Co-Operative Federal supplies bonds, stamps, and clerks to assist the volunteer salesmen from various patriotic organizations who do a fulltime business in the house each day. Other war projects sponsored by this association have included a weekly bond-selling radio program, equipment and maintenance of two mobile units for the use of the Red Cross in disaster relief, first aid courses for employees, and a Victory Garden campaign. I t is too early to report on total achievements of members of the Bank System in the Third War Loan Drive. The goal set called for sales and purchases of war bonds by each member institution equal to 16.59 percent of its assets. In recognition of the special character of the September sales efforts, the forthcoming Honor Roll in the R E V I E W will consist of those member institutions which equaled or exceeded this individual goal. Because the Third War Loan Drive will have the effect of raising the percentage of sales to assets throughout the industry, for October and succeeding months the " entrance requirements" will have to be raised. The new standard will be announced in the REVIEW. In the meantime, the current Honor Roll which is based on sales to the public during August shows 569 institutions qualifying on the basis of an amount equal to 8 percent of assets, with 222 members having at least doubled the minimum quota. Total sales amounted to $15,311,000—a drop of approximately $7 million. During the same period, purchases for member-institution portfolios declined $10 million to $21,543,000. The First Federal Savings and Loan Association of Chicago, Illinois, still leads the "Tops in Volume" box with cumulative sales of almost $10,800,000 this year. The Peoples Federal Savings and Loan Association of Peoria, Illinois, has returned to this list. One asterisk indicates sales equal to 16 percent of assets with an additional star for each succeeding 5 percent. Italic printing denotes sales equal to 100 percent; CAPITAL AND SMALL CAPITAL L E T T E R S , 200 percent. This month one association—the Haller Savings and Loan Association of Chicago, Illinois—has passed the 300-percent mark and appears in boldface type. Each asterisk in these cases indicates an additional 5-percent sale. NO. 1—BOSTON Bristol Federal Savings and Loan Association, Bristol, Conn. First Federal Savings and Loan Association, Greenwich, Conn. First Federal Savings and Loan Association, Norwalk, Conn. *First Federal Savings and Loan Association, Providence. R. I. Savings Bank of Manchester, Manchester, Conn. Suffolk Cooperative Federal Savings and Loan Association, Boston, Mass. Telephone Workers Building and Loan Association, Providence, R. I. **Windsor Federal Savings and Loan Association, Windsor, Vt. ***Windsor Locks Building and Loan Association, Windsor Locks, Conn. NO. 2—NEW YORK •Amsterdam Federal Savings and Loan Association, Amsterdam, N . Y. Berkeley Savings and Loan Association, Newark, N. J. Bloomfield Savings Institution, Bloomfield, N. J. Bradford Savings and Loan Association, Newark, N. J. * Bronx Federal Savings and Loan Association, Bronx, N. Y. *****Bronxville Federal Savings and Loan Association, Bronxville, N. Y. ********center Savings and Loan Association, Clifton, N. J. Closter Mutual Savings and Loan Association, Closter, N. J. Columbia Savings and Loan Association, Woodhaven, N. Y. ***Cranford Savings and Loan Association, Cranford, N. J. East Rochester Federal Savings and Loan Association, East Rochester, N. Y. *****Economia Savings and Loan Association, Trenton, N. J. Edison Savings and Loan Association, New York, N. Y. **First Federal Savings and Loan Association, New York, N . Y. 10 Federal Home Loan Bank Review First Federal Savings and Loan Association, Port Washington, N . Y. First Federal Savings and Loan Association, Rochester, N. Y. Investors Savings and Loan Association, Millburn, N. J. *Lawrence-Cedarhurst Federal Savings and Loan Association, Cedarhurst, N. Y. *Long Beach Federal Savings and Loan Association, Long Beach, N. Y. *Maywood Savings and Loan Association, Maywood, N. J. Mohawk Savings and Loan Association, Newark, N. J. North Jersey Savings and Loan Association, Passaic, N . J. North Park Savings and Loan Association, Elizabeth, N. J. *North Plainfield Building and Loan Association, North Plainfield, N. J. Oneida Federal Savings and Loan Association, Oneida, N. Y. Pequannock & Wayne Building and Loan Association, Mountain View, N. J. Reliance Federal Savings and Loan Association, Queens Village, N. Y. *Schuyler Building and Loan Association, Kearny, N . J. Summit Federal Savings and Loan Association, Summit, N. J. Walton Savings and Loan Association, Walton, N. Y. NO. 3—PITTSBURGH Benjamin Franklin Federal Savings and Loan Association, Philadelphia, Pa. ***Brentwood Federal Savings and Loan Association, Brentwood, Pa. Burton C. Simon Building and Loan Association, Philadelphia, Pa. Cambria County Federal Savings and Loan Association, Cresson, Pa. ***** Capital Building and Loan Association, Philadelphia, Pa. Cayuga Federal Savings and Loan Association, Philadelphia, Pa. ***************Co]onla] F e ( i e r a i Savings and Loan Association, Philadelphia, Pa. Conshohocken Federal Savings and Loan Association, Conshohocken, Pa. Duquesne Heights Buildings and Loan Association, Pittsburgh, Pa. *Ellwood City Federal Savings andLoan Association, Ellwood City, Pa. *Fidelity Federal Savings and Loan Association, Philadelphia,Pa. First Federal Savings and Loan Association, Homestead, Pa. First Federal Savings and Loan Association, Indiana, Pa. *****First Federal Savings and Loan Association, Logan, W. Va. First Federal Savings and Loan Association, Mt. Oliver, Pittsburgh, Pa. First Federal Savings and Loan Association, Pittston, Pa. *First Federal Savings and Loan Association, Wilkes-Barre, Pa. *First Federal Savings and Loan Association, Wilmerding, Pa. *Franklin Federal Savings and Loan Association, Pittsburgh, Pa. Friendly City Federal Savings and Loan Association, Johnstown, Pa. Grand Union Federal Savings and Loan Association, Philadelphia, Pa. *Hazleton Federal Savings and Loan Association, Hazleton, Pa. *Lansdowne Federal Savings and Loan Association, Lansdowne, Pa. ****Liberty Federal Savings and Loan Association, Philadelphia, Pa. **Metropolitan Federal Savings and Loan Association, Philadelphia, Pa. ********Mid-City Federal Savings and Loan Association, Philadelphia, Pa. *Monaca Federal Savings and Loan Association, Monaca, Pa. Montour Valley Savings, Building and Loan Association, Imperial, Pa. *******North Philadelphia Federal Savings and Loan Association, Philadelphia, Pa. Olney Savings and Loan Association, Philadelphia, Pa. Peoples Federal Savings and Loan Association, Brackenridge, Pa. **Real Estate Loan Association, Philadelphia, Pa. Reliance Federal Savings and Loan Association, Philadelphia, Pa. **********Roxborough-Manayunk Federal Savings and Loan Association, Philadelphia, Pa. Security Savings Fund and Loan Association, Pittsburgh, Pa. *St. Edmond's Building and Loan Association, Philadelphia, Pa. ********** United Federal Savings and Loan Association, Morgantown, W. Va. ***West Philadelphia Federal Savings and Loan Association, Philadelphia, Pa. West View Building and Loan Association, West View, Pittsburgh, Pa. Willow Grove Federal Savings and Loan Association, Willow Grove, Pa. NO. 4—WINSTON-SALEM * Aberdeen Building and Loan Association, Aberdeen, N. C. Albemarle Building and Loan Association, Elizabeth City, N. C. Arlington Federal Savings and Loan Association, Baltimore, Md. ******Atlantic Federal Savings and Loan Association, Baltimore, Md. *Bartow Federal Savings and Loan Association, Bartow, Fla. Baxley Federal Savings and Loan Association, Baxley, Ga. Belmont Building and Loan Association, Belmont, N. C. Birmingham Federal Savings and Loan Association, Birmingham, Ala. Bohemian American Building Association, Baltimore, Md. *****Brevard Federal Savings and Loan Association, Brevard, N. C. Citizens Building and Loan Association, Carthage, N. C. Citizens Building and Loan Association, Salisbury, N. C. Citizens Federal Savings and Loan Association, Rome, Ga. *Clewiston Federal Savings and Loan Association, Clewiston, Fla. Cullman Savings and Loan Association, Cullman, Ala. **Donalsonville Federal Savings and Loan Association, Donalsonville, Ga. ******First Federal Savings and Loan Association, Andalusia, Ala. First Federal Savings and Loan Association, Anderson, S. C. First Federal Savings and Loan Association, Charleston, S. C. ***First Federal Savings and Loan Association, Columbus, Ga. ***********First Federal Savings and Loan Association, Cordele, Ga. First Federal Savings and Loan Association, Darlington, S. C. ****First Federal Savings and Loan Association, Decatur, Ala. **First Federal Savings and Loan Association, Eustis, Fla. **First Federal Savings and Loan Association, Forest City, N. C. ***First Federal Savings and Loan Association, Gastonia, N . C. * First Federal Savings and Loan Association, Greenville,-N. C. First Federal Savings and Loan Association, Huntsville, Ala. **First Federal Savings and Loan Association, Jasper, Ala. First Federal Savings and Loan Association, Lancaster, S. C. *First Federal Savings and Loan Association, Montgomery, Ala. First Federal Savings and Loan Association, Panama City, Fla. * First Federal Savings and Loan Association, Phenix City, Ala. First Federal Savings and Loan Association, Rocky Mount, N. C. ***First Federal Savings and Loan Association, South Boston, Va. First Federal Savings and Loan Association, St. Petersburg, Fla. * First. Federal Savings and Loan Association, Sumter, S. C. First Federal Savings and Loan Association, Valdosta, Ga. *First Federal Savings and Loan Association, Vero Beach, Fla. First Federal Savings and Loan Association, Waycross, Ga. ***First Federal Savings and Loan Association, Winder, Ga. October 1943 Fitzgerald Federal Savings and Loan Association, Fitzgerald, Ga. ***Fort Hill Federal Savings and Loan Association, Clemson, S. C. **Gate City Building and Loan Association, Greensboro, N.C. Gwinnett County Building and Loan Association, Buford, Ga. **Hamlet Building and Loan Association, Hamlet, N. C. ***************Home Building and Loan Association, Easley, S.C. Home Building and Loan Association, LaGrange, Ga. **Lake City Federal Savings and Loan Association, Lake City, Fla. Lexington County Building and Loan Association, West Columbia, S. C. Lithuanian Federal Savings and Loan Association, Baltimore, Md. **Marion Federal Savings and Loan Association, Marion, S. C. Mechanics Federal Savings and Loan Association, Rock Hill, S. C. Miami Beach Federal Savings and Loan Association, Miami Beach, Fla. *Moultrie Federal Savings and Loan Association, Moultrie, Ga. *Mutual Building and Loan Association, Martinsville, Va. Newberry Federal Savings and Loan Association, Newberry, S. C. Palatka Federal Savings and Loan Association, Palatka, Fla. *****p e0 p les Building and Loan Association, Mount Gilead, N. C. **Peoples Building and Loan Association, Whiteville, N. C. Peoples Savings and Loan Association, Ensley, Ala. Perpetual Building and Loan Association, Anderson, S.C. Raleigh Building and Loan Association, Raleigh, N . C . Richmond County Building and Loan Association, Rockingham, N. C. Riverside Federal Savings and Loan Association, Baltimore, Md. *Southern Pines Building and Loan Association, Southern Pines, N . C. Sun Federal Savings and Loan Association, Baltimore, Md. Taylorsville Building and Loan Association, Taylorsville, N. C. Thomas County Federal Savings and Loan Association, Thomasville, Ga. *********Tift-on Federal Savings and Loan Association, Tifton, Ga. ***Union Federal Savings and Loan Association, Baltimore, Md. United Federal Savings and Loan Association, Glen Burnie, Md. ***Weldon Building and Loan Association, Weldon, N . C. Wilson Home and Loan Association, Wilson, N. C. Workmen's Federal Savings and Loan Association, Mount Airy, N. C. Wyman Park Federal Savings and Loan Association, Baltimore, Md. Tops in Volume The 25 member institutions which reported the largest cumulative sales pj war-savings bonds and stamps during January-August 194$ 1. First Federal Savings and Loan Association, Chicago, 111 $10,784,960 2. Citizens Federal Savings and Loan Association, Dayton, Ohio 3,489,969 3. First Federal Savings and Loan Association, New York, N. Y 2,852,242 4. Harvey Federal Savings and Loan Association, Harvey, 111 2,196,217 5. First Federal Savings and Loan Association, Detroit, Mich 1,715,693 6. Edison Savings and Loan Association, New York, N. Y._ 1, 706, 352 7. Minnesota Federal Savings and Loan Association, St. Paul, Minn 1,661,421 8. Home Federal Savings and LoanAssociation,Tulsa,Okla, 1,653,090 9. Bloomfield Savings Institution, Bloomfield, N. J 1,646,024 10. Colonial Federal Savings and Loan Association, Philadelphia, Pa 1,531,707 11. First Federal Savings and Loan Association, Rochester, N. Y 1,526,509 12. Old Colony Cooperative Bank, Providence, R. I 1, 372,832 13. Worcester Co-Operative Federal Savings and Loan Association, Worcester, Mass 1, 335,115 14. Independent Building-Loan Association, San Jose, Calif. 1,281,969 15. Railroadmen's Federal Savings and Loan Association, Indianapolis, Ind 1,263,805 16. Worcester County Institution for Savings, Worcester, Mass 1,219,765 17. Savings Bank of Manchester, Manchester, Conn 1,206, 571 18. Waterbury Savings Bank, Waterbury, Conn 1,161,909 19. First Federal Savings and Loan Association, Canton, Ohio 1,148,437 20. Roxborough-Manayunk Federal Savings and Loan Association, Philadelphia, Pa 1,142,932 21. Wm. H. Evans Building and Loan Association, Akron, Ohio . 1,045,894 22. San Antonio Building and Loan Association, San Antonio, Tex 1,032,791 23. Mid-City Federal Savings and Loan Association, Philadelphia, Pa 990,066 24. First Federal Savings and Loan Association, Miami, Fla.. 932,315 25. Peoples Federal Savings and Loan Association, Peoria, 111 909,124 NO. 5— CINCINNATI Anderson Ferry Building and Loan Company, Cincinnati, Ohio Athens Federal Savings and Loan Association, Athens, Tenn. Bedford Savings and Loan Company, Bedford, Ohio *Buckeye Loan and Building Company, Cincinnati, Ohio •••Citizens Federal Savings and Loan Association, Dayton, Ohio Cleveland Federal Savings and Loan Association, Cleveland, Tenn. •••Cookeville Federal Savings and Loan Association, Cookeville, Tenn. East Cleveland Savings and Loan Company, East Cleveland, Ohio Falls Savings and Loan Association, Cuyahoga Falls, Ohio * Favorite Federal Savings and Loan Association, Newport, Ky. Fidelity Building Association, Dayton, Ohio First Federal Savings and Loan Association, Ashland, Ky. **First Federal Savings and Loan Association, Bucyriis, Ohio First Federal Savings and Loan Association, Canton, Ohio First Federal Savings and Loan Association, Centerburg, Ohio First Federal Savings and Loan Association, Defiance, Ohio * First Federal Savings and Loan Association, Dickson, Tenn. First Federal Savings and Loan Association, Galion, Ohio *****First Federal Savings and Loan Association, Greenville, Tenn. *****First Federal Savings and Loan Association, Hopkinsville, Ky. *First Federal Savings and Loan Association, Johnson City, Tenn. First Federal Savings and Loan Association, LaFollette, Tenn. First Federal Savings and Loan Association, Lorain, Ohio First Federal Savings and Loan Association, Paducah, Ky. First Federal Savings and Loan Association, Sidney, Ohio ***Fulton Building and Loan Association, Fulton, Ky. Genoa Savings and Loan Company, Genoa, Ohio H. B. Smith Building and Loan Company, Fremont, Ohio Hancock Savings and Loan Company, Fincllay, Ohio Harvest Home Building and Savings Association, Cheviot, Ohio * Hickman Federal Savings and Loan Association, Hickman, Ky. Home Builders Loan and Savings Company, Cincinnati, Ohio ***Home Federal Savings and Loan Association, Cincinnati, Ohio Home Federal Savings and Loan Association, Knoxville, Tenn. •Home Loan and Savings Company, Coshocton, Ohio Home Savings and Loan Association, Wapakoneta, Ohio •Home Savings and Loan Company, Columbiana, Ohio Hyde Park Building and Loan Company, Cincinnati, Ohio Indian Village Federal Savings and Loan Association, Gnadenhutten, Ohio Lincoln Heights Savings and Loan Company, Cleveland, Ohio Maury County Federal Savings and Loan Association, Mt. Pleasant, Tenn. *McKinley Federal Savings and Loan Association, Niles, Ohio Mutual Federal Savings and Loan Association, Bowling Green, Ohio ••••Newport Federal Savings and Loan Association, Newport, Tenn. North Hill Savings and Loan Company, Akron, Ohio Oakley Building and Loan Company, Cincinnati, Ohio Orleans Federal Savings and Loan Association, Cleveland, Ohio Orol Federal Savings and Loan Association, Lakewood, Ohio Peoples Federal Savings and Loan Association, Leetonia, Ohio Peoples Loan and Savings Company, Sandusky, Ohio Progress Savings and Loan Company, Cleveland, Ohio Provident Building and Loan Association, Cleveland, Ohio Security Federal Savings and Loan Associafcion,Bellefontaine, Ohio South Akron Savings Association, Akron, Ohio Suburban Federal Savings and Ldan Association, Covington, Ky. Tatra Savings and Loan Company, Cleveland, Ohio Third Equitable Building and Loan Company, Cadiz, Ohio Ukrainian Savings Company, Cleveland, Ohio **Union Building and Loan Company, St. Marys, Ohio Union County Federal Savings and Loan Association, Marysville, Ohio Van Wert Federal Savings and Loan Association, Van Wert, Ohio Versailles Building and Loan Company, Versailles, Ohio Warsaw Savings and Loan Association, Cleveland, Ohio West Jefferson Building and Loan Company, West Jefferson, Ohio WmtPH. Evans Building and Loan Association, Akron, "Ohio NO. 6—INDIANAPOLIS Adrian Federal Savings and Loan Association, Adrian, Mich. Birmingham Federal Savings and Loan Association, Birmingham, Mich. ••••Detroit Federal Savings and Loan Association, Detroit, Mich. First Federal Savings and Loan Association, Detroit, Mich. First Federal Savings and Loan Association, Evansville, Ind. First Federal Savings and Loan Association, Michigan City, Ind. First Federal Savings and Loan Association, Washington, Ind. •••Griffith Federal Savings and Loan Association, Griffith, Ind. •Homestead Loan and Building Association, Albion, Mich. Industrial Savings and Loan Association of Indiana Harbor, East Chicago, Ind. Kentland Building and Loan Association, Kentland, Ind. ••Liberty Savings and Loan Association, Whiting, Ind. **Logansport Building and Loan Association, Logansport, Ind. •Marshall County Building and Loan Association, Plymouth, Ind. ********Monon Building, Loan and Saving;? Association, Monon, Ind. Mount Clemens Federal Savings and Loan Association, Mount Clemens, Mich. ***Ottawa County Building and Loan Association, Holland, Mich. Peoples Federal Savings and Loan Association, Detroit, Mich. Peoples Federal Savings and Loan Association, East Chicago, Ind. ****Peoples Federal Savings and Loan Association, Monroe, Mich. Peoples Savings and Loan Association, Huntington, Ind. Sobieski Federal Savings and Loan Association, South Bend, Ind. Twelve Points Savings and Loan Association, Terre Haute, Ind. Wabash Federal Savings and Loan Association, Terre Haute, Ind. ***Warsaw Building and Loan Association, Warsaw, Ind. NO. 7—CHICAGO ***Abraham Lincoln Savings and Loan Association, Chicago, 111. ********Acme Savings and Loan Association, Milwaukee, Wis. *Amery Federal Savings and Loan Association, Amery, Wis. Atlas Savings and Loan Association, Chicago, 111. Atlas Savings and Loan Association, MilwEukee, Wis. Auburn Building and Loan Association, Auburn, 111. 12 Avondale Building and Loan Association, Chicago, ID. Black Hawk Federal Savings and Loan Association, Rock Island, 111. *Bushnell Federal Savings and Loan Association, Bushnell, 111. •Citizens Building and Loan Association, Peoria, 111. City Savings and Loan Association, Chicago, 111. Clyde Savings and Loan Association, Cicero, 111. Concord Savings and Loan Association, Chicago, 111. Continental Savings and Loan Association, Chicago, 111. Cook County Federal Savings and Loan Association, Chicago, 111. Cragin Savings and Loan Association, Chicago,Ill. Damen Savings and Loan Association, Chicago, 111. Des Plaines State Building and Loan Association, Des Plaines, 111. DuQuoin Homestead and Loan Association, DuQuoin, 111. East Side Federal Savings and Loan Association, Milwaukee, Wis. Fairfield Savings and Loan Association, Chicago, 111. ••****First Calumet City Savings and Loan Association, Calumet City, 111. •••••First Federal Savings and Loan Association, Barrington, 111. * * * * * * * * * * * * * * F j r s t F e ( i e r a i Savings and Loan Association, Chicago, 111. First Federal Savings and Loan Association, Lansing, 111. First Federal Savings and Loan Association, Moline, 111. First Federal Savings and Loan Association, Streator, 111. First Federal Savings and Loan Association, Wilmette, 111. Gage Park Savings and Loan Association, Chicago, 111. General Sowinski Building and Loan Association, Cicero, 111. Grand Crossing Savings and Building Loan Association, Chicago, 111. Guaranty Savings and Loan Association, Chicago, 111. •••••••Haller Savings and Loan Association, Chicago, 111. ••••••••••Harvey Federal Savings and Loan Association, Harvey, 111. Hemlock Savings and Loan Association, Chicago, 111. Homewood Building and Loan Association, Homewood, 111. ••Illinois Federal Savin gs and Loan Association, Chicago, 111. •Investors Savings andLoan Association, Chicago, 111. ••Jugoslav Savings and Loan Association, Chicago, 111. Keistuto Savings and Loan Association, Chicago, 111. Kewanee Federal Savings and Loan Association, Kewanee, 111. King City Federal Savings and Loan Association, Mt. Vernon, 111. ••Kinnickinnic Federal Savings and Loan Association, Milwaukee, Wis. Labe Savings and Loan Association, Chicago, 111. Laramie Federal Savings and Loan Association, Chicago, 111. •Lawn Manor Building and Loan Association, Chicago, 111. •Lawndale Savings and Loan Association, Chicago, 111. Liberty Savings and Loan Association, Chicago, 111. •• Libertyville Federal Savings and Loan Association, Libertyville, 111. *********** Lombard Building and Loan Association of DuPage County, Lombard, III. •••••Merchants & Mechanics Building and Loan Association, Springfield, 111. Merrill Federal Savings and Loan Association, Merrill, Wis. Midwest Savings and Loan Association, Chicago, 111. •Mt. Vernon Loan and Building Association, Mt. Vernon, 111. •Nanerville Building and Loan Association, Naperville, 111. Naprstek Savings and Loan Association, Chicago, 111. ••••••Narodni Savings and Loan Association, Chicago, 111. •National Savings and Loan Associaton, Chicago, 111. National Savings and Loan Associatioin, Milwaukee, Wis. New City Savings and Loan Association, Chicago, 111. New London Savings and Loan Association, New London,Wis. North Shore Building and Loan Association, North Chicago, 111. •Northwestern Bohemian Building and Loan Association, Chicago, 111. •Ogden Federal Savings and Loan Association, Berwyn, 111. Peerless Federal Savings and Loan Association, Chicago, 111. Peoples Federal Savings and Loan Association, Peoria, 111. Peoples Savings and Loan Association, Milwaukee, Wis. Peoples Savings and Loan Association of Roseland, Chicago, 111. Piatt County Loan Association, Monticello, 111. ••Prairie State Savings and Loan Association, Chicago, 111. Public Savings and Loan Association, Chicago, 111. Pulaski Savings and Loan Association, Chicago, 111. ••Reliance Building and Loan Association, Milwaukae, Wis. Reliance Federal Savings and Loan Association, Chicago, 111. ••••Richland Center Federal Savings and Loan Association, Richland Center, Wis. Sacramento Avenue Building and Loan Association, Chicago, HI. Security Federal Savings and Loan Association, Chicago, 111. St. Anthony Savings and Loan Association, Cicero, 111. ******** Sturgeon Bay Building and Loan Association, Sturgeon Bay, Wis. Tabor Savings and Loan Association, Chicago, 111. United Savings and Loan Association, Chicago, 111. ••United Savings and Loan Association, Taylorville, 111. ••Universal Savings and Loan Association, Chicago, 111. ••Uptown Federal Savings and Loan Association, Chicago, 111. Valentine Federal Savings and Loan Association, Cicero, 111. West Highland Savings and Loan Association, Chicago, 111. West Pullman Savings and Loan Association, Chicago, 111. To the Members of the Bank System: The membership of the Federal Home Loan Bank System cannot obtain proper credit for its efforts in the Government bond drive unless you report your sales and purchases regularly each month. Please forward your monthly report of sales and purchases of Government bonds and war stamps to your District Bank promptly. Federal Home Loan Bank Review NO. 8—DES MOINES Aberdeen Federal Savings and Loan Association, Aberdeen, S. Dak. **Albert Lea Building and Loan Association, Albert Lea, Minn. Butler Building and Loan Association, Butler, Mo. Central Savings and Loan Association, Chariton, Iowa Dubuque Building and Loan Association, Dubuque, Iowa East Grand Forks Federal Savings and Loan Association, East Grand Forks, Minn. First Federal Savings and Loan Association, Canton, S. Dak. ***First Federal Savings and Loan Association, Jamestown, N . Dak. First Federal Savings and Loan Association, Rock Rapids, Iowa * First Federal Savings and Loan Association, St. Paul, Minn. *Guthrie and Adair County Building and Loan Association, Stuart, Iowa Home Building and Loan Association, Joplin, Mo. **IIome Building and Loan Association, Marion, Iowa ******** independence Savings and Loan Association, Independence, Mo. **Mandan Building and Loan Association, Mandan, N . Dak. Minnesota Federal Savings and Loan Association, St. Paul, Minn. Minot Federal Savings and Loan Association, Minot, N. Dak. **Oelwein Federal Savings and Loan Association, Oelwein, Iowa ************Owatonna Federal Savings and Loan Association, Owatonna, Minn. * Perry Federal Savings and Loan Association, Perry, Iowa Postal Employees' Building Loan and Savings Association, St. Louis, Mo. Public Service Company's Savings and Loan Association, Kansas City, Mo. Red Oak Building and Savings Association, Red Oak, Iowa Sentinel Federal Savings and Loan Association, Kansas City, Mo. Slayton Building and Loan Association, Slayton, Minn. *St. Joseph Savings and Loan Association, St. Joseph, Mo. **Standard Federal S'avings and Loan Association, Kansas City, Mo. **Wells Federal Savings and Loan Association, Wells, Minn. NO. 9—LITTLE ROCK Alamogordo Federal Savings and Loan Association, Alamogordo, N . Mex. American Homestead Company, New Orleans, La. ***Amory Federal Savings and Loan Association, Amory, Miss. Arkadelphia Federal Savings and Loan Association, Arkadelphia, Ark. ***Atlanta Federal Savings and Loan Association, Atlanta, Tex. *******Batesville Federal Savings and Loan Association, Batesville, Ark. Beaumont Federal Savings and Loan Association, Beaumont, Tex. Brownwood Federal Savings and Loan Association, Brownwood, Tex. Chaves County Building and Loan Association, Roswell, N . Mex. Citizens Federal Savings and Loan Association, Jonesboro, Ark. *Clay County Federal Savings and Loan Association, West Point, Miss. Coast Federal Savings and Loan Association, Gulfport, Miss. **Colorado Federal Savings and Loan Association, Colorado, Tex. Continental Building and Loan Association, New Orleans, La. Corsicana Federal Savings and Loan Association, Corsicana, Tex. ***Dalhart Federal Savings and Loan Association, Dalhart, Tex. ***Davy Crockett Federal Savings and Loan Association, Crockett, Tex. Delta Federal Savings and Loan Association, Greenville, Miss. *******Deming Federal Savings and Loan Association, Deming, N. Mex. *******Electra Federal Savings and Loan Association, Electra, Tex. El Paso Federal Savings and Loan Association, El Paso, Tex. Equitable Building and Loan Association, Fort Worth, Tex. **Equitable Building and Loan Association, Roswell, N. Mex. Fifth District Homestead Association, New Orleans, La. First Federal Savings and Loan Association, Beaumont, Tex. ****** First Federal Savings and Jjoan Association, Belzoni, Miss. * First Federal Savings and Loan Association, Big Spring, Tex. *****First Federal Savings and Loan Association, Canton, Miss. * * * * * * * F j r s t jr e ( j e r a ] Savings and Loan Association, Corinth, Miss. ***First Federal Savings and Loan Association, Corpus Christi, Tex. * First Federal Savings and Loan Association, El Dorado, Ark. ***First Federal Savings and Loan Association, Helena, Ark. First Federal Savings and Loan Association, Hot Springs, Ark. First Federal Savings and Loan Association, Laredo, Tex. First Federal Savings and Loan Association, Las Vegas, N. Mex. First Federal Savings and Loan Association, Little Rock, Ark. * First Federal Savings and Loan Association, Lubbock, Tex. First Federal Savings and Loan Association, Luling, Tex. First Federal Savings and Loan Association, Marshall, Tex. * First Federal Savings and Loan Association, McComb, Miss. First Federal Savings and Loan Association, Natchitoches, La. First Federal Savings and Loan Association, New Braunfels, Tex. * First Federal Savings and Loan Association, Paris, Tex. **First Federal Savings and Loan Association, Waco, Tex. First Homestead and Savings Association, New Orleans, La. Gilmer Building and Loan Association, Gilmer, Tex. ********Gladewater Federal Savings and Loan Association, Gladewater, Tex. ********* Greater N e w Orleans Homestead Association, New Orleans, La. Guaranty Savings and Homestead Association, New Orleans, La. Hammond Building and Loan Association, Hammond, La. Hope Federal Savings and Loan Association, Hope, Ark. ******Inter-City Federal Savings and Loan Association, Louisville, Miss. **************jennjngS F e ( j e r a i Savings and Loan Association, Jennings, La. Kosciusko Building and Loan Association, Kosciusko, Miss. **Morrilton Federal Savings and Loan Association, Morrilton, Ark. Mutual Building and Loan Association, Fort Worth, Tex. **Mutual Building and Loan Association, Las Graces, N. Mex. ****Nashville Federal Savings and Loan Association, Nashville, Ark. ***Natchez Building and Loan Association, Natchez, Miss. *******Navasota Federal Savings and Loan Association, Navasota, Tex. North Texas Federal Savings and Loan Association, Wichita Falls, Tex. Oak Homestead Association, New Orleans, La. *01ney Federal Savings and Loan Association, Olney, Tex. Panola County Federal Savings and Loan Association, Batesville, Miss. Peoples Federal Savings and Loan Association, Bay St. Louis, Miss. **,*********piggott F e d e r a i Savings and Loan Association, Piggott, Ark. Pioneer Building and Loan Association, Waco, Tex. ****Pocahontas Federal Savings and Loan Association, Pocahontas, Ark. ******Ponchatoula Homestead Association, Ponchatoula, La. **************v*Quanaj1 j? ec } era ] Savings and Loan Association, Quanah, Tex. NO. 10—TOPE K A American Building and Loan Association, Oklahoma City, Okla. Bonner Springs Building and Loan Association, Bonner Springs, Kans. *Broken Arrow Federal Savings and Loan Association, Broken Arrow, Okla. Citizens Federal Savings and Loan Association, Sand Springs, Okla. **Citizens Federal Savings and Loan Association, Wichita, Kans. **Columbia Building and Loan Association, Emporia, Kans. Concordia Building and Loan Association, Concordia, Kans. Equitable Building and Loan Association, Fremont, Nebr. Erie Building and Loan Association, Erie, Kans. First Federal Savings and Loan Association, Beloit, Kans. ****First Federal Savings and Loan Association of Dawson County, Cozad,Nebr. First Federal Savings and Loan Association, Englewood, Colo. First Federal Savings and Loan Association, La Junta, Colo. *First Federal Savings and Loan Association, Lamar, Colo. First Federal Savings and Loan Association, Liberal, Kans. **********First Federal Savings and Loan Association of Sumner County, Wellington, Kans. Garnett Savings and Loan Association, Garnett, Kans. Hays Building and Loan Association, Hays, Kans. Home Building and Loan Association, Lawton, Okla. **Home Federal Savings and Loan Association, Ada, Okla. *Home Federal Savings and Loan Association, Tulsa, Okla. Industrial Federal Savings and Loan Association, Denver, Colo. Miami Building and Loan Association, Miami, Okla. * Osage Federal Savings and Loan Association, Pawhuska, Okla. Peoples Building and Loan Association, Marysville, Kans. ***Peoples Federal Savings and Loan Association, Tulsa, Okla. Reserve Building and Loan Association, Oberlin, Kans. Salida Building and Loan Association, Salida, Colo. ***************gchuyler federal Savings and Loan Association, Schuyler, Nebr. Security Building and Loan Association, Iola, Kans. ****Wayne Federal Savings and Loan Association, Wayne, Nebr. NO. 11—PORTLAND * Auburn Federal Savings and Loan Association, Auburn, WTash. Bellingham First Federal Savings and Loan Association, Bellingham, Wash. ***Cheyenne Federal Savings and Loan Association, Cheyenne, Wyo. *Commercial Savings and Loan Association, Kelso, Wash. *Deer Lodge Federal Savings and Loan Association, Deer Lodge, Mont. * First Federal Savings and Loan Association, Idaho Falls, Idaho First Federal Savings and Loan Association, Mount Vernon, Wash. First Federal Savings and Loan Association, Pendleton, Oreg. ***First Federal Savings and Loan Association, Sheridan, Wyo. ****** First Federal Savings and Loan Association, The Dalles, Oreg. Guaranty Federal Savings and Loan Association, Pocatello, Idaho Hoquiam Savings and Loan Association, Hoquiam, Wash. **Lakeview Federal Savings and Loan Association, Lakeview. Oreg. Liberty Savings and Loan Association, Yakima, Wash. Polk County Federal Savings and Loan Association, Dallas, Oreg. Port Angeles Savings and Loan Association, Port Angeles, Wash. Prudential Savings and Loan Association, Seattle, Wash. Rawlins Federal Savings and Loan Association, Rawlins, Wyo. *Raymond Federal Savings and Loan Association, Raymond, Wash. **Umpqua Savings and Loan Association, Roseburg, Oreg. Washington Federal Savings and Loan Association, Hillsboro, Oreg. Wenatchee Federal Savings and Loan Association, Wenatchee, Wash. * Yakima Federal Savings and Loan Association, Yakima, Wash. NO. 12—LOS ANGELES Berkeley Guarantee Building and Loan Association, Berkeley, Calif. *Carmel Building and Loan Association, Carmel, Calif. ***** Central Federal Savings and Loan Association, San Diego, Calif. Century Federal Savings and Loan Association, Santa Monica, Calif. Compton Federal Savings and Loan Association, Compton, Calif. Coronado Federal Savings and Loan Association, Coronado, Calif. Escondido Federal Savings and Loan Association, Escondido, Calif. First Federal Savings and Loan Association of Hawaii, Honolulu, T. H. *****First Federal Savings and Loan Association, Huntington Park, Calif. First Federal Savings and Loan Association, San Pedro, Calif. First Federal Savings and Loan Association, Wilmington, Calif. Glendale Federal Savings and Loan Association, Glendale, Calif. Hollywood Building and Loan Association, Hollywood, Calif. Home Building and Loan Association, Los Angeles, Calif. ******Home Federal Savings and Loan Association, San Diego, Calif. **Independent Building-Loan Association, San Jose, Calif. *Inglewood Federal Savings and Loan Association, Inglewood, Calif. International Building and Loan Association, Honolulu, T. H. ***Liberty Building-Loan Association, Los Angeles, Calif. *Marin County Mutual Building and Loan Association, San Rafael, Calif. *Oceanside Federal Savings and Loan Association, Oceanside, Calif. Porterville Mutual Building and Loan Association, Porterville. Calif. Santa Cruz County Building and Loan Association, Santa Cruz, Calif. Santa Maria Guarantee Building and Loan Association, Santa Maria, Calif. *Sausalita Mutual Building and Loan Association, Sausalito, Calif. Union Federal Savings and Loan Association, Los Angeles, Calif. 13 October 1943 552574—43 Rapides Building and Loan Association, Alexandria, La. *************P£icejan(i F e ( j e r a j Savings and Loan Association, Stuttgart, Ark. ***** Roswell Building and Loan Association, Roswell, N. Mex. San Angelo Federal Savings and Loan Association, San Angelo, Tex. *San Antonio Building and Loan Association, San Antonio, Tex. **Searcy Federal Savings and Loan Association, Searcy, Ark. ****Slidell Savings and Homestead Association, Slidell, La. *St. Tammany Homestead Association, Covington, La. **Sulphur Springs Loan and Building Association, Sulphur Springs, Tex. **Teche Federal Savings and Loan Association, Franklin, La. *Travis Building and Loan Association, San Antonio, Tex. ****Tueumcari Federal Savings and Loan Association, Tucumcari, N . Mex. Union Federal Savings and Loan Association, Baton Rouge, La. Waxahachie Federal Savings and Loan Association, Waxahachie, Tex. 3 nrnn 01 N Sales and rent regulations eased by O P A Drafted fathers and the mortgage I n line with its policy to modify R e n t Regulations as existing conditions permit, t h e O P A reduced t h e required down p a y m e n t from 33}i percent to 20 percent of t h e homepurchase price. T h e requirements of authentic sale a n d t e n a n t protection of 3-month notice of eviction have not been modified. At t h e same time, provision was made to permit rent r e a d j u s t m e n t s for property owners whose t e m p o r a r y real-estate t a x exemption h a s expired. I n the event t h a t the owners h a d passed t h e savings on to t e n a n t s in t h e form of lowered rents, they m a y now a p p l y for rent increases subject t o determination b y O P A as to whether t h e previous rent was "substantially lower" t h a n for comparable accommodations on t h e m a x i m u m rent date. As Selective Service boards held themselves ready this m o n t h t o begin taking large numbers of pre-Pearl H a r b o r fathers, thrift a n d homefinancing institutions considered t h e probable effect upon their business. I n this connection, some readers m a y find useful an article which appeared in t h e November 1942 issue ft ft ft ft ft 1,000 public housing units a d a y I n t h e first seven m o n t h s of 1943, some 236,697 units were completed under t h e publicly financed phase of t h e w a r housing program—twice t h e number completed in t h e same period of 1942—Commissioner H e r b e r t E m merich of t h e Federal Public Housing Authority reported on September 26. For several m o n t h s , homes for w a r workers have been completed a t an average rate of 1,000 dwelling units a d a y . At t h e e n d of July a t o t a l of 174,306 dwelling units were u n d e r construction a n d contracts were y e t to be let for 60,747 more. Since July 1, 1940, a t o t a l of 470,924 units have been completed, of which 321,380 were family u n i t s ; 122,137, dormitory units; a n d 27,407, trailers. I n addition, a t t h e e n d of August, 26,109 dwelling units were u n d e r lease t o t h e G o v e r n m e n t for conversion into housing for w a r workers. Of this number, 15,531 h a v e been completed or are under construction. 14 of the REVIEW, entitled "A New Chapter in Moratoria for Military M e n / ' which discusses t h e provisions of t h e Soldiers a n d Sailors Civil Relief Act of 1940, as amended. A limited n u m b e r of copies of this article are available on request b y writing t o t h e E d i t o r of t h e R E V I E W . publicly financed conversion; a n d (3) new private housing projects a m o u n t i n g t o a n over-all t o t a l below $10,000, exclusive of land. A change was also announced involving controlled materials allotm e n t s a n d preference ratings u n d e r CMP-H-1. I n these cases, Small Order provisions of Regulation 6 a r e applicable t o all projects for which less t h a n 2,000 pounds of steel or 100 pounds of copper are t o be bought. This will eliminate t h e necessity of exact quarterly estimates of essential material. ft ft ft ft ft 90-day completion of housing project ft ft ft ft ft WPB streamlines procedures I n a move t o achieve greater speed a n d efficiency, t h e W P B h a s instituted a sweeping decentralization of its entire operational function. T h e 13 regional offices a n d 92 district offices will function as practically autonomous units under t h e direction of a Regional Chairman, roughly comparable in their individual spheres t o t h e W P B Chairman. I t is anticipated t h a t t h e local offices can soon handle a major portion of all applications for priority assistance a n d allocations with only over-all a n d policy controls remaining in Washington. T h e plan calls for production schedules t o be set b y t h e central office with necessary checking a n d adjustment handled in t h e field. Two simplifications of procedure have been instituted b y t h e W P B a n d N H A t o expedite a n d stimulate w a r housing construction. A new s t r e a m lined material list h a s been devised t o accompany W P B applications for authorization t o commence t h e following types of construction under Order L - 4 1 : (1) privately financed conversion, rehabilitation, or additions; (2) Prefabrication a n d production-line technique m a d e possible t h e completion in 90 days of V a n p o r t City, Oregon, a housing project accommodating 40,000 w a r workers of t h e P o r t l a n d ship-building industry. T h e most extensive war-housing project of all t i m e , this city is t h e second largest in t h e State, covers 650 acres, a n d contains 703 a p a r t m e n t buildings, 17 multiple structure dwellings, a n d essential civic, utilities, a n d social service buildings. T h e project is operated b y t h e P o r t land Housing A u t h o r i t y with t h e F P H A providing utilities a n d certain household furnishings. Weekly r e n t s range from $7 for one room t o $11.55 for four rooms. ft' ft ft ft ft NAREB survey Reports from 287 cities t o t h e N a tional Association of Real E s t a t e Boards in i t s forty-first semi-annual survey of t h e m a r k e t reflected a housing shortage nearing a million u n i t s . Projected on a national scale, t h e r e p o r t s indicated t h a t under present conditions of maximum employment t h e r e is a national undersupply of 522,385 houses a n d 403,241 a p a r t m e n t s , a t o t a l of 925,626 dwelling units. Of cities having more t h a n 500,000 p o p u - Federal Home Loan Bank Review lation, 95 percent were reported as underhoused. However, only 37 percent of t h e war areas expected t h e situation to become still tighter in the coming six m o n t h s a n d it appeared t h a t some of t h e cities most crowded in t h e earlier war period have passed their peak demand. The Southwest Coast States, in which all reporting cities indicated a housing shortage, showed t h e greatest housing need. Next came New England a n d t h e Northwest States, where 93 percent reported shortages. Fiftyfour percent of all t h e cities reported a present oversupply of retail business space, with second-grade a n d thirdgrade locations suffering t h e worst. F u r t h e r serious slump in d e m a n d for retail space was expected in t h e coming six m o n t h s in 20 percent of all reporting cities. Reports to t h e N A R E B from 69 percent of t h e cities expressed t h e belief t h a t p r i v a t e enterprise can supply all t h e presently needed war housing if given t h e right conditions. While new war housing is sometimes excepted, 75 percent reported residential rents insufficient to justify investment in rental housing a t present construction costs. At least one large manufacturer of prefabricated housing, now tied u p with Government contracts, has likewise begun a definite post-war selling campaign in which home-financing institutions are cooperating. T h e plan, as executed in New York, Boston ; St. Paul, a n d elsewhere, included exhibits of one-quarter size model houses in leading d e p a r t m e n t stores, keyed to a home-ownership campaign by thrift a n d home-financing institutions. I n St. Paul, six Federal savings and loan associations jointly issued an a t t r a c t i v e leaflet. I n Boston, prospective purchasers were invited to open a savings shaie account in a thrift institution on which regular dividends are paid, and to assure regular p a y m e n t s , t h e institution arranged to charge small fines on p a y m e n t s not completed by t h e fifteenth of t h e m o n t h . T h e a m o u n t of t h e monthly p a y m e n t was figured on a down p a y m e n t of 10 percent of t h e price of t h e house plus a margin for possible variations in cost. Consideration was also given t h e question of how soon after t h e end of t h e War t h e customer wants t o build. ft ft ft ft ft ft ft ft ft ft Estimate of postwar demand T h e U. S. C h a m b e r of Commerce, bringing up to date a December 1942 estimate of post-war consumer intentions, reported t h a t after an additional eight m o n t h s has passed 1,540,000 families, an increase of 50 percent, planned to build or buy a new home within six m o n t h s after t h e war is over. T h e prospective investment increased during this period from an estimated $5, 000, 000, 000 to $7, 184, 800, 000. Decreases, perhaps related,were noted in the n u m b e r of intentions to redecor a t e t h e interior of homes, to modernize kitchens, to a d d new porches, a n d to renovate b a t h r o o m s . ft ft ft ft ft Selling post-war houses now Automobile, aircraft, and other manufacturers h a v e for some m o n t h s been offering a preferred claim to their post-war products to consumers who save now, t h r o u g h W a r Bonds and other means, for their purchase. October 1943 Post-war planning of thrift institutions T h e 1943 W a r Conference of t h e U. S. Savings a n d Loan League will be held in Chicago on November 30 and December 1. Some months ago, subcommittees of t h e Post-War Savings a n d Loan Program Committee of t h e League, of which Gardner W. Taylor of New York is chairman a n d Arthur G. E r d m a n n , Chicago, is vice-chairman, were assigned t h e following topics for s t u d y : Development of savings and loan standard plans of new home financing; methods of expansion of savings volume; additional investment outlets (other t h a n first mortgages); additional financial services to savings and loan customers; participation in general housing, slum clearance, and redevelopment programs; merchandising savings and loan business to (a) present a n d future customers a n d (b) other businesses, civic a n d labor leaders a n d organizations, a n d to Government a t local, State, a n d national levels; a n d financing prefabricated and engineered housing. Back to fundamentals Recalling those original groups of w r age-earning citizens who founded the industry a h u n d r e d years a g o , a New Castle, Pennsylvania, savings a n d loan association has sponsored a post-war home-building club with some 35 members who are accumulating funds either in war bonds or in share accounts t o use as a down p a y m e n t . They are reported holding monthly meetings to study subjects such as interior decoration, architectural design, materials, location of the house on the lot, and the possibilities of prefabrication. When priorities on building materials are lifted, the club membership will be divided into groups of ten according to price classification, in order to effect a contractor's saving which will be passed on to t h e owner. & & # # # Voluntary donations to U. S. war funds More t h a n $4,400,000 has been received by t h e U. S. Treasury as t h e voluntary contribution of t h o u s a n d s of persons t o w a r d financing t h e War. T h e size of these individual gifts ranges up to a single cash contribution of $2,500. During t h e last 2 years, these voluntary donations h a v e increased during t h e income tax-paying m o n t h of March a n d are sent in lieu of taxes out of incomes which are too small to be taxable. 15 RESIDENTIAL BUILDING ACTIVITY AND SELECTED INFLUENCING FACTORS BY YEARS INDEX 1935-1939 = l 0 ° BY MONTHS 260 260 ADJUSTED FOR SEASONAL VARIATION 1 240 1 I 1 A ^PRIVATE I Y*T 1 1 240 CONSTRUCTION 1 a 2 FAMILY DWELLING UNITS 220 220 200 200 FPRIVATE CONSTRUCTIONa 2 FAMILY DWELLING UNITS 180 160 140 120 100 80 LA 1 \ 1 - J V "\% )J ^ r%-« ~f 1 t \ (FEDERAL HOME LOAN BANK ADMIN.) (U. S. OEPT OF LABOR RECORDS) \ \ A / 1\ >\ / oVUo. a JLUW/V L.CIVU. / \ ( F E .DERAL HOME LOAN BANK ADMIfO 160 / , 1 *^ .**. i /C x i 140 / / 120 100 y\+ V \\ 4 80 \ 60 \ 180 SVGS. a LOAN LEND. vw.. »«^* 40 y A y g 1 / * 60 1 ^ P NONFARM NONFARM FORECLOSURES' 1 FORECLOSURE^ 40 (FEDERAL HOME LOAN BANK ADMIN.) 20 20 LI 1. Li L l.l 1 1 1 1 1 1 1 1 1 1 1 1 \ 1 1 1 i i _^,. BUILDING MATERIAL PRICES -J, **-'" 0 140 120 br^ 100 RENTS' p 80 i 1 ~^r i 240 f i i i i 11 11 11 11 11 11 Ah i i i i i i ADJUSTED FOR SEASONAL VAFflATIOI vl 60 240 220 220 200 INDUSTRI AL 180 INDUSTRIAL 160 PRODUCTION^,. (FEDERAL R E S E R V E 200 PRODUCTION^ .••• i%y~ 1 1 1 *y • s .-•••H*'''"** «"*"~" 180 160 BOARD) s 140 * >-//vc ;OME 140 PAYMEN TS 120 120 100 100 80 80 A 1 i i 1 1 i i V 1941 60 1930 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 COST OF STANDARD SIX-ROOM HOUSE WHOLESALE COMMODITY PRICES ! 1 1 1 I I 1 1 l I 1942 1943 M.LLIONS FH.L.B. ADVANCES OUTSTANDING I $250r 1935-19 39= 100 ^ LUMBER^ -•J"' ^». 9 l BUILDIN6 MATERIAL-* .#• •• ... •* ~s 41 130 120 1 1 1 1 h\ V % t t' -- .y .y ,19 %Z ..S.s~V A L L INDUSTRIAL 77!.. i 1940 16 - 1941 1942 1943 1940 M 1941 i •• ,..,,!,..., 1942 M I M I M I M 1943 JAN. FEB. MAR. APR. MAY JUM JUL. AUG. SEP OCT. NOV. DEC. Federal Home Loan Bank Review « « « MONTHLY SURVEY HIGHLIGHTS /. The mortgage market, which for several months has held to about last year's level, during August showed a gain of nearly 6 percent over August 1942. More than $355,000,000 of mortgages of $20,000 or less were recorded throughout the United States. A. August recordings rose 1 percent over July—the sixth consecutive month-to-month gain. While the August volume was still 17 percent under August 1941, the usual summer slump has been avoided. B. The rise was caused entirely by increased activity by commercial banks and savings and loan associations, the other types of lenders reporting declines during August. II. Lending activity for savings and loan associations gained 5 percent over July and 27 percent over August 1942. Loans for home construction rose 15 percent and for home purchase, 7 percent during the month. III. New residential construction in urban areas during August approximated that of August 1942. The 17,100 units placed under construct ion in August of this year represented a rise of 18 percent from July. A. Publicly financed housing rose 13 percent over August 1942; private construction was 3 percent less. B. Single-family dwellings were 29 percent under August 1942. Two-family structures increased 151 percent, multi-family units, 55 percent. IV. Private investors placed over $124,000,000 in savings and loan associations during August, an increase of 29 percent over a year ago. Repurchases from share accounts were some $73,000,000, after increasing 18 percent from the previous year. V. Reversing the upward trend of the previous 2 months. Federal Home Loan Bank advances declined in August. They reached a new low point for the comparable period of any year since the beginning of operations. The decline in advances to members was offset by a rise in both cash and Government obligations in the 12 Federal Home Loan Banks. iV •£ ^ iV BUSINESS CONDITIONS-Third War Loan outstanding feature The Third War Loan—a double barreled implement of war by reason of its financing and anti-inflationary aspects—occupied the center of last month/s business horizon. Preliminary reports available as the R E V I E W goes to press show that the world's largest financing operation has exceeded the fifteen-billion-dollar goal. The total index of industrial production as shown by the Federal Reserve Board (1935-1939 = 100) remained unchanged at 203 from July to August. However, the manufacture of durable goods increased from 302 to 305 during the same period. According to the Bureau of Foreign and Domestic Commerce, in order to attain the goal set for armament output, industrial production must rise at least 6 points above the August level. Employment dropped seasonally during August, 400,000 below the peak level attained in July (the first time since Pearl Harbor that it has failed to show an increase over the corresponding period of last year). The index of the Department of Labor showed that average weekly wages paid also dropped from 317.3 to 315.5 during the period (1939 = 100). According to the Bureau of Labor Statistics, in mid-September the all-commodity index of wholesale October 1943 prices stood at 127.7 percent of the 1935-1939 average. This is slightly higher than during the same week in August and 3.6 percent above the corresponding period of last year. Department store sales also showed a gain during September. The mid-month report of the Federal Reserve Board showed that sales were 17 percent higher than during the preceding week, and for the 4-week period ended September 18 these sales totaled 7 percent more than in the corresponding period of last year. Money in circulation as reported by the U. S. Treasury continued to increase. On August 31, it amounted to more than $18,500,000,000—a gain of $578,000,000 during August but still short of the peak gain of last December. [1935-1939=100] T y p e of index H o m e construction (private)l. Foreclosures (nonfarm) l R e n t a l index ( B L S ) B u i l d i n g m a t e r i a l prices Savings a n d loan lending l Industrial production i Manufacturing employment l Income payments l August 1943 July 1943 62.8 14.9 108.0 125.3 159.9 P 203. 0 P 172. 4 215.3 62.6 15.9 108.0 123.6 156.0 r 203. 0 ' 175. 3 r 213.1 Percent August Percent 1942 change change +0.3 -6.3 0.0 + 1.4 +2.5 0.0 -1.7 +1.0 74.8 24.3 108.0 123.2 126.1 183.0 159.4 176.2 -16.0 -38.7 0.0 + 1.7 +26.8 + 10.9 +8.2 +22.2 p Preliminary. «• R e v i s e d . 1 A d j u s t e d for n o r m a l seasonal variation. 17 B U I L D I N G A C T I V I T Y -Construction equals last year's level Construction costs for the standard house [Average month of 1935-1939=100] The volume of new residential construction in urban areas during August approximated that of the same month of last year, with the 17,142 permits issued amounting to only one-half of 1 percent less than in the same month last year. Housing provided by public funds was 13 percent above the level of August 1942, while all private construction was 3 percent less. Comparison of the number of dwelling units provided by private funds in August of each year shows a 16-percent decline from 1942 to 1943 in 1- and 2-family structures. Single-family dwellings built were 29 percent under the same month of last year, while 2-family structures showed an increase of 151 percent. Construction of multi-family units in August 1943 was 55 percent greater than in the same month of 1942. All residential building increased 18 percent from July to August with both public and private construction gains at approximately that rate. Most of the increase from July was in multi-family structures, with a 79-percent gain in this type of dwelling unit and only 3 percent in 1- and 2-family structures. Construction of single-family dwellings declined 3.3 percent, while the number of 2-family structures increased 37 percent. Since the first of the year, permits have been issued for 144,392 dwelling units compared with 205,651 in the same interval of 1942. Private construction accounted for 55 percent of the total volume of residential building in 1943. In the period of January through August of last year it represented 70 percent of the total. [TABLES 1 and 2.] NEW RESIDENTIAL CONSTRUCTION IN ALL URBAN AREAS PERMITS ISSUED FOR PUBLICLY AND PRIVATELY FINANCED DWELLING UNITS THOUSANDS OF DWE LUNG Ul>JITS 35 30 ] 25 20 ri \ ^PRIV \ / , °t ALL EC i\ k\ PUBLI v\ AI) IX. PRIVAT-MULTI -FAM.^f MAR. JUN. 1941 18 SEP Total r PerPerAuJuly gust cent cent 1943 change 1942 change 123.4 123.7 - 0 . 2 121.2 + 1. 8 134.2 ' 134. 3 - 0 . 1 129.4 + 3. 7 127. 1 127.3 - 0 . 2 124.0 + 2. 5 Revised. B U I L D I N G COSTS-Material and labor drop slightly The total cost of constructing the standard 6-room frame house declined 0.2 percent during August, reducing the index (1935-1939-100) to 127.1. Both material and labor reflected slight decreases. Although both of these items have shown fractional reductions several times during the past 2 years, the composite index has risen almost continually since the autumn of 1940. Material costs are now 23 percent above the 1935-1939 average, while labor costs are 34 percent higher than the average month of this base period. In August 1943, total costs were less than 3 percent higher than in the same month of last year. The cost of materials was 2 percent higher this year than last, while labor rose 4 percent during this 12-month period. Wholesale material prices as reported by the U. S. Department of Labor increased during August carrying the composite index to 125.3, a gain of 1.4 percent over July. The total index was affected by rises in the costs of lumber, paint and paint materials, and "other" building materials. The prices of brick and tile, cement, plumbing, and structural steel remained unchanged from the July level. [TABLES 3, 4, and 5.] M O R T G A G E L E N D I N G -Favorable trend continues \ 10 Material. Labor. _ August 1943 d2 FAK ILY \ ^ iV* lai \ 15 5 ATE Element of cost , , 1 DEC. i V" MAR. \ 1 \ J ) -~* iV* k I I JUN. 1942 'r-tSEf? •~r-f DEC. MAR. * i i i i JUN. 1943 i i SEP DE:c. August lending activity for all savings and loan associations amounted to over $117,000,000—a gain of 5 percent over July and an increase of 27 percent from August of last year. The $25,000,000 gain from August 1942 represented the most favorable margin of growth so far this year. Federal Home Loan Bank Review TOTAL LOANS MADE BY ALL SAVINGS AND LOAN ASSOCIATIONS UNITED STATES-BY TYPE OF ASSOCIATION MILLIONS OF DOLLARS BY \ > MONTHS TOTAL \ (ALL ASSOCIATIONS January-August period. >STATE MEMBERS w* "">I 1 1 ^1 1 10NMEMSERS^ FEDERALS-*' ^ l * * . . , / i i r^ 1 L.I..1 i i t i i i MORTGAGE RECORDINGS-Consecutive 1 1 l I CUMULATIVE AS OF AU&31, EACH YEAR 1942 FEDERALS 1943 1941 1942 1943 STATE-CHARTERED MEMBERS I94| 1942 1943 NONMEMBERS Loans for the construction of homes rose 15 percent during August. Home-purchase loans were next with a 7-percent increment, a continuation of the recent upward trend. Seventy-one cents of each dollar loaned in August was for home purchase as compared with sixty cents in the same month of 1942 and forty-three cents in 1941. Reconditioning loans remained practically the same, while loans for refinancing and other purposes declined from the previous month. New mortgage loans distributed by purpose [Dollar amounts are shown in thousands] Purpose August 1943 Per- August PerJuly cent cent 1943 change 1942 change Construction $10, 616 $9, 209 Home purchase82, 894 77, 555 Refinancing 14, 600 14, 925 Reconditioning __ 2,809 2,807 Other purposes _ _ 6,470 6,859 Total October 1943 [TABLES 6 and 7.J *&rgl' <~ % Loans made in the first 8 months of this year totaled $745,000,000, reflecting a 3 ^ percent gain over the corresponding period in 1942. Institutions in two-thirds of the Federal Home Loan Bank Districts have loaned more so far this year than last. Federals have increased their lending by 12 percent, while State members gained 5 percent, and nonmembers lagged 23 percent below the previous + 15.3 $12, 568 - 1 5 . 5 + 6.9 55, 301 + 49. 9 - 2 . 2 14, 019 + 4. 1 + 0.1 4, 126 - 3 1 . 9 - 5 . 7 6, 549 - 1 . 2 117,389 111,355 + 5.4 92, 563 + 26.8 6-month gains noted For the past several months, the volume of mortgage financing has been maintained at approximately the level of a year ago. I n August, more than $355,000,000 of mortgages of $20,000 or less were recorded throughout the United States—a gain of nearly 6 percent over the same month of 1942. This margin of increase exceeds the 2-percent rise reported for June, the only other month since January 1942 in which more loans were recorded than in the corresponding month of t h e previous year. The August mortgage volume was, however, still 17 percent under August 1941. The $355,000,000 of mortgages recorded in August of this year were 1 percent higher than in July. Although activity is still far below pre-war levels, this represents t h e sixth consecutive month-to-month gain to be reported and the usual summer slump in activity was avoided. I n no other year since the inception of the mortgage-recording series in 1939 has such a continuous series of rises been reported. The rise from July to August of this year was caused entirely by increased financing activity by commercial banks and savings and loan associations, while each of the remaining types of lenders reported declines during the month. During the year to date, $2,410,000,000 of mortgages of $20,000 or under were recorded by all classes of lenders—11 percent less than in the first 8 months of 1942. Life insurance companies, which suffered relatively little loss in volume last year, have shown the greatest drop (25 percent) in cumulative mortgage recordings from 1942 to 1943. "Individuals'' were the only class of mortgagees to show an increase from the January-August period of 1942, while savings and loan associations have declined only 4 percent during the period. The 1943 experience of these classes of lenders was in sharp contrast to the reductions of a t least 16 percent reported for each of the remaining types. [TABLES 8 and 9.] 19 Mortgage recordings by type of mortgagee [Dollar amounts are shown in thousands] Type of lender PerPerPerCumulacent cent cent tive of of | change from August recordings total 1943 (8 months) recordJuly ings 1943 amount Savings and loan associa+ 2. 6 tions Insurance companies -5.9 Banks, trust companies. _ + 5. 1 Mutual savings banks -1.7 Individuals -0.2 Others -0.8 Total + 1. 1 33. 6 6.8 19. 1 4. 2 22. 1 14.2 $775, 185, 473, 94, 528, 352, 093 426 637 646 192 633 100.0 2, 409, 627 32. 2 7.7 19. 7 3. 9 21. 9 14. 6 100. 0 F O R E C L O S U R E S - D r o p in rate continues There were 1,905 nonfarm foreclosures in the United States during August, 8 percent less than the total estimated for July and 39 percent below the same month of 1942. The change during August was particularly favorable when compared with the 2percent recession normally expected. The seasonally adjusted index was about 85 percent under the 1935-1939 base period. I t dropped 6 percent during August to stand at 14.9. The 30,655 cases completed during the 12 months ending in August were 35 percent below those of the comparable period a year ago. During this period, foreclosures were completed at the rate of 1.4 per 1,000 dwellings, while the rate was 2.2 for the similar period last year. Thus far in 1943, there have been 18,151 foreclosures completed, a 39-percent improvement from the 29,827 cases terminated during the first 8 months of 1942. Every P H L B District shared in the downward movement, with reductions ranging from 56.4 percent in the Portland District to 30.1 percent in the New York region. These diminishing foreclosures are indicative of national economic improvement and the increased earning power of home owners. [TABLE 10.] F H L B SYSTEM—Advances show decline during August Reversing the upward trend evident during June and July, F H L Bank advances declined substantially in August—reaching a new low point for the comparable period of any year since the beginning of 20 operations. Advances outstanding at the end of August amounted to $81,366,000 as compared with the all-time high of $219,466,000 recorded at the close of December 1941. New advances made during the month ($3,672,000) were the lowest for any August period except 1934, whereas repayments were the second largest recorded for this period of the year ($13,847,000) and represented a slight decline over repayments during July. Every Bank District reported a smaller volume of advances in August than in July and 6 Districts recorded increases in repayments over the previous month. The Winston-Salem Bank recorded the largest volume of advances ($1,270,000) as well as the greatest volume of repurchases ($2,331,000). The decline in advances to members was offset by a rise in both cash and Government obligations. Total assets of the Federal Home Loan Banks increased from $266,926,000 at the end of July to $267,701,000 at the close of August, but failed to equal the figure set a year previous ($306,238,000). Members 7 deposits during August were up $1,500,000 over July and $7,772,000 over August a year ago. [TABLE 12.] F L O W OF PRIVATE REPURCHASABLE CAPITAL During the year ending August 31, $1,458,000,000 in private money was invested in all savings and loan associations while withdrawals amounted to $870,000,000. This was the equivalent of $60 withdrawn Share investments and repurchases, August 1943 [Dollar amounts are shown in thousands] Item and period All associations All insured associations Uninsured members Nonmembers Share investments: Year ending Au$1,457,994 $1,067,482 $207, 247 $183, 265 gust August 1943.__ 124, 196 94, 229 17, 729 12, 238 August 1942. __ 70, 262 16, 403 96, 318 9, 653 Percent change + 34 +8 + 27 + 29 Repurchases: Year ending August August 1943.__ August 1942___ Percent change. __ 870, 276 72, 855 61, 647 + 18 Repurchase ratio (percent) : Year ending August August 1943___ August 1942___ 59.7 58. 7 64.0 576, 368 157, 349 136, 559 9,798 50, 250 12, 807 7,206 41, 534 12, 907 + 21 -1 + 36 54. 0 53.3 59. 1 75.9 72.2 78.7 74.5 80. 1 74.7 Fee/era/ Home Loan Bank Review for each $100 added to the share accounts of the public in operating savings and loan associations. Private investors placed over $124,000,000 in savings and loan associations during August, an increase of 29 percent over the same 1942 month. Repurchases from share accounts were nearly $73,000,000 in August—an increase of 18 percent over the previous year. The ratio of withdrawals to new capital for August 1943 was 59 percent as compared with 64 percent for the corresponding month of 1942. Insured associations continued to show the greatest progress in attracting new private capital. Their net gain was almost $44,000,000 for the month; uninsured members had a net increase of about $5,000,000, and nonmembers, a gain of $2,400,000. FEDERAL SAVINGS AND LOAN ASSOCIATIONS Federal savings and loan associations increased their resources as well as their private capital by $30,000,000 during the month, bringing the total assets to $2,439,000,000 and the private capital balance to $2,117,000,000. The number of associations operating under Federal Charter showed a decline of two as a result of merger with other insured savings and loan associations during August. (TABLE 15). Census Estimates Value of U. S. Dwelling Units • Progress in number and assets of Federals [Dollar amounts are shown in thousands] Number Class of association New Converted __ Total August 31, 1943 638 828 1,466 Approximate assets July 31, 1943 August 31, 1943 639 $789, 807 829 1, 648, 996 1,468 2, 438, 803 July 31, 1943 $778, 143 1, 630, 544 2, 408, 687 INSURED ASSOCIATIONS-Total resources increase substantially Private share capital of the 2,433 insured associations operating in the United States aggregated $3,362,000,000 at the close of August. This, represented a gain of nearly $44,000,000 during the month. Although borrowings declined more than $11,300,000 and $4,600,000 of Government share capital was repurchased during the month, total resources increased $45,600,000 to an aggregate of $3,921,000,000. There has been a definite upswing in lending activity for insured savings and loan associations in recent months from the low levels reached earlier in the year. Loans made during August were 41 percent greater than a year ago and only 2 percent under August 1941—the peak year of lending activity. Whereas the balance of mortgage loans held leveled off during the latter part of 1942 and in early 1943, recent gains have built this account up to $2,947,000,000, even though lending has been curtailed and many borrowers have paid back their loans at a faster rate than in normal times. October 1943 T H E 29,683,189 urban and rural nonfarm dwelling units in the United States have a total worth of $87,378,000,000, or an average value of $2,944. The foregoing estimate of the Census Bureau is based on the findings of the 1940 Housing Census and has just been released in a special report (Series H-1943, No. 1). It is interesting to note that although the number of owner-occupied units in these areas (11,413,036) was less than that for tenant-occupied units (16,334,937), the value of the owner-occupied units was $40,844,000,000 as compared with $39,886,000,000 for tenantoccupied units. The average value of units occupied by their owners was approximately $1,000 greater than that of rented units. In arriving at these estimates, the figures for owner-occupied units represent the owners' estimate of their value. The value of tenant-occupied units was computed on the assumption that the value of the dwelling unit was 100 times the monthly rent. In arriving at the value of property for which no figures were available, estimates were made on the basis of comparable reporting units. Almost three-fourths of all the dwelling units in the urban and rural-nonfarm areas are located in urban areas. The average value of units in these areas was estimated at $3,290 as compared with $2,017 in ruralnonfarm areas. Total monthly rent in urban and rural nonfarm areas was estimated by the Census Bureau at $361,000,000 for owner-occupied and at $391,000,000 for tenant-occupied units. Including vacant units, the total monthly rent bill was estimated at $817,000,000 for all nonfarm housing. The average monthly rent for all dwelling units was reported at $27.52 for these areas. The highest average rents ($34.73) were recorded in the Northeastern States and the lowest average ($19.38), in the South. 2\ Tabic 1 . — B U I L D I N G A C T I V I T Y — E s t i m a t e d number and valuation of new family dwelling units provided in all urban areas in August 1943, by Federal Home Loan Bank District and by State [Source: U . S . D e p a r t m e n t of Labor] [Dollar a m o u n t s are s h o w n in t h o u s a n d s ' All residential s t r u c t u r e s N u m b e r of family dwelling u n i t s Federal H o m e L o a n B a n k D i s t r i c t a n d S t a t e All p r i v a t e 1- a n d 2-family s t r u c t u r e s N u m b e r of family dwelling u n i t s P e r m i t \ aluation Permit valuation A u g u s t 1943 A u g u s t 1942 A u g u s t 1943 A u g u s t 1942 A u g u s t 1943 A u g u s t 1942 A u g u s t 1943 A u g u s t 1942 U N I T E D STATES N o . 1—Boston. __ _____ Connecticut. Maine _ Massachusetts New Hampshire Rhode Island Vermont _ __ __ _ _ _ ___ _ _ _ _ __ N o . 2—New Y o r k N e w Jersey N e w York N o . 3—Pittsburgh Delaware _ Pennsylvania _ W e s t Virginia _ _ _ _ _ _ _ _ _ N o . 4—Winston-Salem _ Alabama . ___ D i s t r i c t of C o l u m b i a F l o r i d a __ Georgia Maryland N o r t h Carolina _ S o u t h Carolina __ Virginia _ . ______ _.' _ _ _ _ _ _ _ ___ N o . 5—Cincinnati Kentucky Ohio Tennessee _ __ __ ___ __ _ _ N o . 6—Indianapolis. _. Indiana _ Michigan _ N o . 7—Chicago Illinois __ Wisconsin _ ___ _ _ _ __ ___ __ N o . 8—Des M o i n e s IowTa __ Minnesota. __ ___ M i s s o u r i ._ _ _ _ North Dakota _ South Dakota _ _ _ ... _ _ _ . 17,142 17, 048 $51,126 $51,313 10, 949 $30,394 $35,167 669 1,294 2,278 4,444 283 | 710 1,107 2,477 206 214 247 559 222 440 772 555 947 140 54 87 231 98 308 588 154 361 2 53 13 4 2,072 797 1,370 4 176 25 2 53 13 4 900 332 1, 040 4 176 25 9,185 793 1,442 2,134 4,323 248 1,052 845 3,473 508 285 909 533 1,238 896 2,568 1, 755 99 149 531 521 322 523 1, 746 1,727 574 740 1,648 2,931 261 537 943 2,104 540 34 180 531 29 1,564 84 765 2,087 79 227 34 0 508 29 859 84 0 2, 025 79 2,034 4,001 6,335 8,536 689 1,178 1,522 2, 371 114 944 179 148 99 88 4 458 110 445 99 1,733 404 81 35 1,094 155 3,647 378 315 237 144 2 1,457 119 1,281 108 2,910 730 123 50 3,215 102 5 171 148 78 38 4 143 110 38 99 197 404 53 35 242 134 8 352 315 180 19 2 512 119 128 108 425 730 57 50 754 2,089 1,117 7, 321 3,988 935 939 3,979 3, 451 69 1,969 51 48 1,008 61 121 7,158 42 124 3,808 56 55 829 51 44 834 61 87 3,850 42 114 3, 281 56 2,280 1,522 8,416 5,706 1,420 1,506 6,030 5, 656 195 2,085 593 929 465 7,951 1,944 3, 762 195 1,225 593 913 465 5,565 1,944 3.712 1,158 1,044 4,910 4,768 852 888 3,692 4,144 627 261 3,588 104 2,337 1,807 • 1,125 33 719 325 4,806 104 2, 707 2, 061 819 33 48 310 33 985 48 290 33 933 4 20 9 15 22 2 77 79 126 2 6 4 20 5 4 328 238 412 3 4 4 328 226 372 3 4 2,254 3, 306 1,190 1,012 1, 642 2, 028 9 15 22 2 82 143 2 6 1,454 1,416 22 88 101 84 1,159 80 87 464 17 768 5 1 99 24 111 2,015 101 158 1, 322 16 1, 709 22 76 101 24 967 80 87 64 17 764 85 24 12 1,516 101 158 53 16 1,700 737 609 2,071 1, 491 544 489 1, 663 1, 277 23 428 130 156 10 212 122 265 46 997 462 566 12 480 366 633 23 235 130 156 10 1 124 122 233 46 589 462 566 12 298 366 601 N o . 11—Portland 1, 255 1,551 4,322 4, 817 1,022 556 3, 635 1, 650 Idaho _ MontanaOregon __ Utah Washington Wyoming 73 8 254 339 577 4 13 11 413 131 978 5 277 21 699 1,184 2,138 3 8 11 965 349 3, 480 4 73 8 95 333 509 4 13 11 121 128 278 5 277 21 166 1,170 1, 998 3 8 11 419 342 866 4 4, 051 2, 002 9, 404 6, 018 1, 693 1, 792 5, 303 5, 603 136 3,915 39 1, 875 88 248 9,156 128 5, 696 194 32 1 1, 661 39 69 5, 234 128 5. 342 133 _ _ _ _ _ _ _ _ N o . 9—Little R o c k Arkansas L o u i s i a n a __ Mississippi N e w Mexico Texas__ _ __ _ N o . 10—Topeka Colorado Kansas Nebraska- _ Oklahoma . __ 22 _________ _____ _ ._ _ __ No. 12—LosAngeles-. Arizona_ _ California Nevada _ _ _ __ _ __ __ _ __ ___ __ ___ ___ __ ___ _ 1 1 1, 699 54 1 5 Federal Home Loan Bank Review Table 2 — B U I L D I N G A C T I V I T Y — E s t i m a t e d number and valuation of new family dwelling units provided in all urban areas of the United States [Source: U. S. Department of Labor] [Dollar amounts are shown in thousands] NT u m b e r of family dwelling u n i t s P r i v a t e construction 1-family dwellings _ . 2-family dwellings!-_ 3-and more-family dwellings 9. Public construction T o t a l u r b a n construction _ [ January-August totals M o n t h l y totals T y p e of construction __ Permit valuation 1943 $35, 573 $41,718 $270, 200 $469, 700 26, 013 3,952 5,608 33, 009 2,158 6,551 169, 920 29, 364 70, 916 379, 061 30,009 60, 630 9,595 169, 672 204,680 51,313 439,872 674, 380 July 1943 Aug. 1942 1943 13,088 11,086 13, 469 79,094 143,779 $42, 793 7,251 1,934 3,903 7,497 1,408 2,181 10,178 771 2,520 51, 900 10, 595 16, 599 109, 246 11,207 23, 326 24, 399 5,995 12, 399 8,333 6,992 51,126 42, 565 4,054 3, 420 3,579 65, 298 61, 872 17,142 14,506 17.048 144, 392 205, 651 Includes 1- and 2-family dwellings combined with stores. Aug. 1943 Aug. 1942 Aug. 1943 1942 January-August totals M o n t h l y totals July 1943 1942 2 Includes multi-family dwellings combined with stores. Table 3 . — B U I L D I N G COSTS—Index of building costs for the standard house in representative cities in specific months 1 [Average month of 1935-1939 = 100] 1943 1942 1941 1940 1939 1938 Sept. Sept. Sept. Sept. 1937 Federal H o m e L o a n B a n k D i s t r i c t a n d city Sept. N o . 1—Boston: Hartford, C o n n New Haven, Conn __ Portland, Me . _ Boston, M a s s M a n c h e s t e r , N . H___: Providence, R. I Rutland, Vt N o . 4—Winston-Salem: B i r m i n g h a m , Ala Washington, D . C Tampa, Fla Atlanta, G a . Baltimore, M d Cumberland, M d Asheville, N . C Raleigh, N . C C o l u m b i a , S. C R i c h m o n d , Va Roanoke, Va . . . N o . 7—Chicago: Chicago, 111 i Peoria, 111 Springfield, 111 M i l w a u k e e , Wise Oshkosh, W i s e N o . 10—Topeka: D e n v e r , Colo Wichita, Kans Omaha, Nebr O k l a h o m a C i t v , Okla . _ __ _ _ . _ .. . ._ __ . . . _ __ . . . . . . ._ ... , ._ June Mar. Dec. Sept. Sept. 134.2 132. 5 117.7 121.3 113. 8 127.1 125.4 130.0 130.0 117.8 119.8 114.1 r 125. 3 125.2 130.0 130.5 117.8 122. 3 114.1 120.8 124.5 129.9 131.1 103.6 120.1 109.2 118.9 124.4 129.9 131.1 103.6 120.1 109.2 118.9 124.4 122.8 126. 3 102.0 114. 3 107.1 113.6 115.0 100.8 103.9 99.3 104.1 98.6 106.2 98.8 100.0 100.5 98.8 101.7 97.0 103.2 97.5 99.5 99.5 99.8 101.0 98.8 102.5 101.0 108.7 104.5 109.0 107.0 105. 8 102.8 106.4 119.5 137.1 116.5 135.4 117.5 125.9 136.7 137.7 123.9 136.7 144.9 126.8 113.5 134.0 124.8 136.8 137.7 123.9 117.8 127. 3 92.7 104.4 101.1 94.9 97.5 99.5 97.1 93.1 99.3 98.9 104. 8 105.4 106.1 100.4 100.2 97.6 100.1 101.8 101. 6 102.4 100.4 103.4 109.2 109.5 103.6 108.0 106.2 103.5 117.8 127.2 115.0 112.3 112.0 123. 3 128.0 113.8 115.6 116.7 124.9 118.1 122.6 94.0 107.2 103.6 99.9 101.8 127.5 137.1 118.0 127.2 131.7 131.9 122.1 119.7 125. 3 132.1 118.6 125.2 117.5 125.9 119.4 129.1 132.6 122.1 120.1 125.5 132.2 118.6 125.0 118.2 124.1 139.9 146.7 133. 6 118.2 124.1 139. 9 146.7 133. 6 IIS. 2 119.7 134.2 146.2 133.6 118.2 119.7 134.2 146.2 133.6 118.2 119.8 134.2 145.2 133. 6 114.4 119.1 135.8 131.2 120.1 100.6 110.2 124.1 111.6 101.4 99.5 102.9 117.4 106.2 102.4 100.0 100.3 118.0 102.4 102.4 105.5 105.5 110. 9 125.3 122.2 193.1 110.9 125. 3 122.2 182.8 110.9 123. 7 122. 2 182. 8 111.5 122.2 122.4 182.7 111.8 117.8 121.1 182.6 107.4 109.8 108.9 163.3 97.5 99.8 107. 7 103.1 128.4 104.4 102.6 132.7 107. 5 101.8 106. 0 127.2 98.8 99.7 98.4 98.3 100.8 126.9 108.7 102.5 105. 8 101.8 106.9 106.6 r 1 Revised. The house on which costs are reported is a detached 6-room home of 24,000 cubic feet volume. Living room, dining room, kitchen, and lavatory on fiist floor, three bedrooms and bath on second floor. Exterior is wide-board siding with brick and stucco as features of design. Best quality materials and workmanship are used throughout. The house is not completed ready for occupancy. It includes all fundamental structural elements, an attached 1-car garage, an unfinished cellar, an unfinished attic, a fireplace, essential heating, plumbing, and electric wiring equipment, and complete insulation. It does not include wallpaper nor other wall noi ceiling finish on interior plastered surface, lighting fixtures, refrigerators, water heaters, ranges, screens, weather stripping, nor window shades Reported costs include, in addition to material and labor costs, compensation insurance, and allowance for contractor's overhead and transportation of materials plus 10 percent for builder's profit. Reported costs do not include the cost of land nor of surveying the land, the cost of planting the lot, nor of providing walks and driveways; they do not include architect's fee, cost of building permit, financing charges, nor sales costs. In figuring costs, current prices on the same building materials list are obtained every 3 months from the same dealers, and current wage rates are obtained from the same reputable contractors and operative builders. October 1943 23 Table 4 . — B U I L D I N G COSTS—Index of building costs (or the standard house [Average month of 1935-1939=100] E l e m e n t of cost J a n . 1943 D e c . 1942 N o v . 1942 Oct. 1942 Sept. 1942 A u g . 1942 A u g . 1943 J u l y 1943 J u n e 1943 M a y 1943 A p r . 1943 M a r . 1943 F e b . 1943 Material.. Labor.. T o t a l cost 123.4 134.2 123.7 r 134.3 123.0 134.3 122.2 134.3 121.8 133.4 122.0 133.0 121.9 132.5 121.5 130.9 121.4 130.7 121.5 130.2 121.6 130.2 121.5 130.2 121.2 129.4 127.1 127.3 126.8 126.2 125.7 125.7 125.5 124.7 124.5 124.4 124.5 124.4 124.0 • Revised. Table 5 . — B U I L D I N G COSTS—Index of wholesale price of building materials in the United States [1935-1939=100; converted from 1926 base] [Source: U. S. Department of LaborJ All b u i l d i n g materials Period Brick a n d tile Cement Lumber Paint and paint materials Plumbing and heating Structural steel Other 1941: A u g u s t 117.8 104. 7 101.1 142.0 114.7 114.0 103.5 108.0 1942: A u g u s t . September October November December 123.2 123.3 123.3 122.9 122.8 108.6 108.6 108:6 108.5 108.6 103.4 103.4 103.4 103.4 103.4 148.1 148.3 148.4 148.2 148.4 123.1 123.4 124.2 123.8 123.3 123.6 123.6 123.6 122.4 118.8 103.5 103.5 103.5 103.5 103.5 112.3 112.3 111.7 111.3 111.4 122.6 123.1 123.3 123.2 123.4 123.5 123.6 125.3 108.6 108.5 108.6 108.6 108.8 109.0 109.0 1C9.0 103.4 103.4 103.4 103.4 103.1 102.7 102.7 102.7 148.4 149.9 149.9 150.0 151.0 151.8 152.7 158.1 123.7 124.4 125.7 126.0 125.7 125.4 125.4 126.4 118.8 118.8 118.8 118.8 118.8 118.0 118.8 118.8 103.5 103.5 103.5 103.5 103.5 103.5 103. 5 103.5 110.5 110.5 110.3 109.9 109.9 110.0 109.5 109.7 _ 1943: J a n u a r y . February March April May June _. July . . August P e r c e n t change: A u g u s t 1943-July[1943 A u g u s t 1943-August 1942 +1.4 0.0 0.0 +3.5 +0.8 0.0 0.0 +0.2 +1.7 +0.4 -0.7 +6.8 +2.7 -3.9 0.0 -2.3 Table 6 . — M O R T G A G E LENDING—Estimated volume of new home-mortgage loans by savings and loan associations, by purpose and class of association al [Thousands of dollars] Class of association P u r p o s e of loans Period 1941 . . . January-August August 1942 January-August August September October November December 1943 January-August January February March April. . May June July August 24 _ . __ . .... _ Reconditioning L o a n s for all other purposes Total loans State members Nonmembers Construction H o m e purchase Refinancing $437,065 $580,503 $190,573 $61,328 $109,215 $1,378,684 $584,220 $583,804 $210,660 298,168 42, 987 370, 616 55,973 130, 655 15, 785 41,646 5,571 74,770 9,411 915,855 129, 727 393,835 57,592 383, 721 54,542 138, 299 17, 593 190,438 573, 732 165,816 41,695 78,820 1,050,501 412,828 476,080 161, 593 55,771 6,549 5,679 6,380 5,241 5,749 720,167 92, 563 94,055 91,672 73,979 70,628 283, 742 36,620 37,987 35, 555 28,163 27,381 323, 702 41,549 42,249 41,937 35,441 32, 751 112,723 14,394 13,819 14,180 10,375 10,496 48,298 4,788 5,183 6,127 6,270 6,176 6,425 6,859 6,470 745, 210 57,856 63, 324 87,185 98, 735 100,490 108,876 111,355 117,389 318,630 23,390 26, 566 37,850 42, 717 41,835 46,730 48, 370 51,172 340, 286 26,910 28,175 38, 595 44,461 47, 818 50,182 50, 648 53, 497 86, 294 7,556 8,583 10, 740 11,557 10, 837 11,964 12, 337 12, 720 149, 670 12,568 12,449 10,572 9,275 8,472 373,720 55,301 58,060 56,528 43,984 41,440 111,819 14,019 14,063 14,694 12,472 12,768 29,817 4,126 3,804 3,498 3,007 2,199 68,002 7,173 4,597 8,572 9,853 9,039 8,946 9,209 10, 616 495,387 32,820 39,084 55, 235 65,088 67,826 74.885 77, 555 82, 894 114,113 11,408 12,510 14,874 15,040 14,843 15,913 14, 925 14, 600 19, 410 1,667 1,953 2,377 2,484 2,606 2,707 2,807 2,809 Federals Federal Home Loan Bank Review Table 7.—LENDING-—Estimated volume of new loans by savings and loan associations [Dollar amounts are shown in thousands] UNITED STATES- .._ August 1943 July 1943 [Thousands of dollars] C u m u l a t i v e n e w loans (8 m o n t h s ) N e w loans Federal H o m e Loan B a n k D i s t r i c t a n d class of association Table 8.—RECORDINGS—Estimated nonfarm mortgage recordings, $20,000 and under, August 1943 August 1942 1943 1942 Percent change ' $117,389 $111,355 $92, 563 $745, 210 $720,167 +3.5 51,172 53,497 12, 720 48,370 50,648 12,337 36,620 318,630 283, 742 41, 549 340,286 323, 702 14,394 86,294 112, 723 +12.3 + 5.1 -23. 4 9,247 9,377 10,517 59,015 70,746 -16.6 2,804 4,926 1,517 2,640 5,294 1,443 3,052 5,958 1,507 17,110 32,161 9,744 21,408 38,372 10,966 -20.1 -16.2 -11.1 9,421 8,036 9,194 54, 583 73, 426 -25. 7 2,479 5,049 1,893 2,109 4,115 1,812 2,034 3, 898 3,262 13, 250 28, 401 12,932 17,199 26, 667 29, 560 -23.0 + 6.5 -56.3 Savings I n s u r and ance loan comassoci- panies ations Federal H o m e Loan Bank District and State - Federal - -. State m e m b e r State m e m b e r Nonmember.,Pittsburgh _- . Federal State m e m b e r Nonmember .- Winston-Salem _. Federal State member Nonmember Federal State m e m b e r . -Nonmember Indianapolis Federal State m e m b e r Nonmember. Chicago Federal. State m e m b e r Nonmember. Des Moines Federal-. State m e m b e r Nonmember. Little R o c k Federal State m e m b e r Nonmember _ Topeka Federal State m e m b e r Nonmember... 1 9,475 9,149 64, 482 66,160 -2.5 4,094 3, 247 2,391 3,897 3,168 2,410 3,624 2,366 3,159 25,475 20, 541 18, 466 24, 613 19, 688 21,859 +3.5 +4.3 -15.5 14,901 13, 532 11, 48! 90,749 98, 476 -7.8 7,037 6,404 1,460 6,778 5,417 1,337 5,105 45,321 5,242 i 35,936 9,492 1,134 41,732 45,913 10,831 +8.6 -21.7 -12.4 20,390 19,852 ._ +6.7 53, 685 74,836 11,042 49,211 68,637 12, 917 +9.1 +9.0 -14.5 N e w Jersey New York Pittsburgh Pennsylvania. _ W e s t Virginia Winston-Salem Alabama _ . . D i s t r i c t of C o l u m b i a . Florida ... . . Georgia Maryland N o r t h Carolina S o u t h C arolina Virginia . 7,937 10, 483 1,432 7,306 8,033 4,957 1 45,807 38,943 +17.6 Indianapolis 3,621 3,254 431 4,977 2,708 348 2,500 2,208 249 23,941 19,255 2, 611 19,375 17,466 2,102 +23.6 +10.2 +24.2 Indiana Michigan 12,204 11, 458 8,479 | 74,458 71,074 +4.8 6,300 8,757 1,794 Kentucky __ __ Ohio Tennessee . . - Chicago Illinois October 1943 Other mortgagees Total 9,418 665 3,275 7,330 5,414 3,370 29, 472 1,216 439 6,819 214 601 129 435 9 189 1,399 271 1,079 164 . 263 99 1,940 607 3,771 431 322 259 1,791 512 2,221 335 354 201 1,344 145 1,553 104 162 62 8,125 1,983 15,632 1,248 1,734 750 8,607 2,187 5,255 5,473 9,666 7,373 38, 561 3,011 5,596 827 1,360 2,537 2,718 661 4,812 3,481 6,185 3,140 4,233 13,657 24, 904 8,760 1,776 5,586 593 4,914 3,364 24,993 143 7,741 876 122 1,446 208 106 4,411 1,069 45 516 32 241 4,130 543 80 3,124 160 737 21, 368 2,888 12, 706 3,645 4,395 113 9,585 4,846 35, 290 362 2,325 1,089 1,036 3,560 1,837 331 2,167 365 512 663 539 204 375 245 742 357 461 650 804 644 222 275 982 738 1,038 2,364 883 1,354 981 500 1,727 416 684 243 537 1,003 497 277 1,189 2, 238 5,020 5,009 3,798 6,878 3,912 1,628 6,807 23,484 2,973 9,517 846 5,881 3,693 46,394 2,072 20, 790 622 341 2,160 472 860 7,785 872 846 365 5,156 360 191 1,805 1,697 3,829 38,542 4,023 32 113 7,028 2,050 5,929 22 2,632 4,194 21,855 4,650 2,378 498 1,552 2,305 3,624 22 817 1,815 1,282 2,912 9,574 12,281 13,456 1,453 5,539 21 6,012 7,740 34,221 10,270 3,186 875 578 3,881 1,658 21 3,358 2,654 7,174 566 25,558 8 663 8,154 2,223 4,665 153 4,844 3,248 23,287 2,019 3,246 2,556 219 114 162 873 1,147 41 1,037 637 2,732 80 179 615 1,498 2,490 125 116 267 404 2,539 20 18 4,100 6,811 11,464 485 427 4, 533 6,311 1,360 4,157 5,877 1,424 2,875 4, 203 1,401 28,490 37,388 8, 580 25, 489 34, 575 11,010 7,200 6,151 4,929 41,173 35, 534 +15. 9 3,789 2,390 1,021 2,916 2, 337 898 2,329 1,721 879 20,662 14,529 5,982 16,484 13,195 5,855 +25.3 +10.1 +2.2 Little Rock 7,586 2,884 1,657 5,190 2,389 19, 706 5,700 5,656 3,958 1 38,240 34,684 +10.3 Arkansas 2, 493 3,112 95 2,442 3,119 95 1,331 2,524 103 16,052 21,561 627 13,032 21,009 643 +23. 2 +2.6 —2 5 392 2,490 253 199 4,252 302 141 224 48 2,169 148 71 170 172 1,096 387 759 378 220 3,446 56 414 158 10 1,751 1,285 3,875 1 183 649 12, 714 5,405 5, 510 3,914 1 37,053 31,057 ! 6,090 925 2,615 4,004 1,630 +19.3 15 264 922 1,661 1,219 2,288 103 131 412 279 370 ' 426 581 1,238 1,965 405 470 1,164 558 412 139 521 3, 918 3,035 2,821 5,490 3,763 607 3,059 23 29 364 81 110 2,520 84 115 ?65 443 1,401 112 510 274 296 781 376 1,830 206 83 262 305 1,483 152 693 164 3,260 104 13 840 95 2,199 9 13, 719 747 758 3,916 1 147 6,660 491 10,333 2,684 17,090 23 2,655 6 176 16,871 43 17, 354 605 16, 501 148 5,309 55 5,241 13 52, 670 131 10,170 32 2,894 1, 695 816 2,888 1,694 928 4,198 2, 236 1,052 626 21,039 10,879 5,135 2,818 I 29,006 17,110 8,920 5,027 22, 619 Des Moines Iowa .- North Dakota South Dakota Mississippi _ N e w Mexico Texas __ __ Topeka +23.0 +22.0 +2.1 +28.2 2, 721 1,327 150 1, 792 800 226 18, 215 9, 652 1,139 14, 241 6,929 1,449 +27.9 +39.3 21 4 10, 977 1 10,077 6, 316 71,081 46,683 +52.3 3,442 2, 820 54 35,390 35,147 544 23,848 22, 331 504 +48.4 +57.4 +7.9 Colorado Kansas Nebraska Oklahoma... Portland 5,945 4,934 98 | 4,908 5,109 60 ._ .. Idaho Montana _. _ Oregon _ _ Utah Washington ._ _. W y o m i n g ' _ ._ _ . Los Angeles. ._ _. Federal State m e m b e r Nonmember Individuals +11.8 +8.1 -22.1 2,834 1,902 170 Federal State m e m b e r Nonmember 16,851 139,563 130,765 Connecticut- . . Maine.- Massachusetts- .-- New Hampshire Rhode Island Vermont - 8,649 10, 273 1,468 4,906 1 Portland Los Angeles 9,732 Mutual savings banks $119, 385 $24,072 $68,043 $15,061 $78,455 $50,416 $355, 432 U N I T E D STATES Federal State m e m b e r - . Nonmember . Banks and trust companies Arizona California .-_ Nevada _ 153 427 990 51,438 242 25 Table 9 . — M O R T G A G E RECORDINGS—Estimated volume of nonfarm mortgages recorded [Dollar amounts are shown in thousands] M u t u a l savings b a n k s Banks and trust companies Insurance companies Savings a n d loan associations Other mortgagees Individuals All mortgagees Period 1942: J a n u a r y - A u g u s t August September October . .__ ___ November .__ __ December _. __ - Percent Percent Total Percent Total $806, 757 102, 628 104,155 103,170 _ __ 80, 970 ... - .. 75,494 _ __ 29.9 30.5 30.1 28.9 29.1 28.4 $248,465 28, 299 31, 448 32, 577 25, 950 23, 303 9.2 8.4 9.1 9.1 9.3 8.8 $613, 387 72,480 : 77,530 79, 224 58, 519 57, 050 775,093 64,935 66, 938 85,642 101,135 107, 221 113, 431 116, 406 119,385 32.2 28.4 30.5 31.8 32.7 32.8 32.5 33.1 33.6 185, 426 19,900 18, 064 22,198 24, 558 24,435 26,613 25, 586 24, 072 7. 7 8.7 8.2 8.2 8.0 7.5 7.6 7.3 6.8 473, 637 48, 640 44, 273 53,186 63, 385 65, 688 65,656 64,766 68, 043 Total ... 1943: J a n u a r y - A u g u s t January . ______ February March April May June July August ___ ___ _ _ __ Total Percent Percent Total Total 22.8 $113,809 21. 5 14, 793 22.4 14,812 22.2 14,817 21.0 11, 596 21.5 10,640 4.2 $489, 614 4.4 62,824 4.3 65, 423 4.2 67, 623 4.2 55,830 4.0 54,207 18.2 $423,807 18.6 55, 826 18.9 52,596 18.9 59, 672 20.1 45,456 20.4 44, 712 19.7 21.3 20.1 19.7 20.5 20.1 18.8 18.4 19.1 3.9 3.5 3.6 3.5 3.6 3.9 4.2 4.4 4.2 21.9 22.2 22.7 22.2 21.3 21.4 21.6 22.3 22.1 94, 646 8,045 7,895 9,536 11,122 12,940 14, 718 15, 329 15,061 528,192 50, 583 49,854 59, 662 65,807 70, 054 75,183 78, 594 78, 455 352, 633 36,180 32, 858 39,195 42,950 46, 754 53,445 50,835 50, 416 Percent 15.7 $2, 695, 839 16.6 336,850 15.2 345, 964 16.7 357, 083 16.3 278, 321 16.9 265,406 100.0 100.0 100.0 100.0 100.0 100.0 14.6 15.9 14.9 14.6 13.9 14.3 15.3 14.5 14.2 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 2,409, 627 228, 283 219,882 269,419 308,957 327,092 349,046 351,516 355, 432 Table 1 1 . — F H A — H o m e mortgages insured * Table 1 0 — F O R E C L O S U R E S — E s t i m a t e d nonfarm real-estate foreclosures, by Federal Home Loan Bank District [Premium paying; thousands of dollars] Title I I C u m u l a t i v e (8 months) Foreclosures August 1943 July 1943 August 1942 1943 1942 _ 1,905 2,067 3,105 18,151 29, 827 -39.1 Boston _ __ _ _ New York.. Pittsburgh Winston-Salem _ Cincinnati 223 486 268 256 155 44 120 124 74 76 17 62 256 553 310 226 160 41 122 179 44 82 17 77 414 672 453 363 312 63 174 187 134 111 43 179 1,884 4,840 2,997 2,192 1,436 377 1,046 1,176 588 685 173 757 3,509 6,928 4,841 3,374 2,770 831 1,837 1,816 1,083 1,064 397 1,377 -46. 3 -30. 1 -38.1 -35.0 -48.2 — 54.6 -43.1 -35.2 -45.7 -35. 6 -56.4 -45.0 UNITED STATES... Chicago _ Des Moines Little Rock Topeka P o r t l a n d _. Los Angeles Title I Class 3 Period Title V I New Percent change Federal H o m e Loan B a n k District _ _ _ ___ __ __ ._ i Percent Total 1942: A u g u s t . . _ September. October __ November December 1943: J a n u a r y February March April May June July August Existing Total insured at e n d of period $1, 246 104 802 726 557 $35,158 30, 529 26, 831 21,893 19,187 $16,655 17,044 17, 639 17, 071 19, 530 $25,030 31, 524 38, 265 40,195 43, 214 $4, 328, 4,407, 4,491, 4, 581, 4, 663, 791 992 529 414 902 167 84 706 2-50 41 2-19 2-25 27 14,172 8,495 5,690 3,463 2,894 2,606 2,424 1,563 17,084 11, 846 13,175 12, 704 15, 248 16, 759 18, 502 18,519 40, 649 37,168 43, 523 35,878 39, 511 41, 629 43, 445 49, 518 4, 735, 4, 793, 4, 856, 4, 908, 4, 966, 5,027, 5, 091, 5,161, 974 570 664 659 353 328 674 301 __ _ -_ i Figures represent gross insurance written during the period and do not take account of principal repayments on previously insured loans. 2 Adjustments in loans reported in previous months. Table 1 2 . — F H L B A N K S — L e n d i n g operations and principal assets and liabilities [Thousands of dollars] Lending operations August 1943 Principal assets August 31, 1943 Capital and principal liabilities August 31, 1943 Federal Home Loan Bank Advances $13 322 565 1,270 158 18 216 235 140 88 105 542 Boston New York Pittsburgh Winston Salem Cincinnati Indianapolis C hicago. Des Moines Little Rock Topeka Portland Los Angeles August 1943 (All Banks) July 1943 August 1942 '__. 4,264 Advances outstanding $471 ! 1,816 j 963 ! 2,331 i 1,022 . 897 i 2, 270 | 1,681 j 204 i 481 I 424 I 1,287 j 13,847 18, 650 i Includes interbank deposits. 26 3,672 Repayments Cash i Capital 2 $3, 857 14, 251 8,813 6,923 5,718 9,185 9,947 4,931 2,948 3,948 761 10, 084 $6, 237 1,378 1,995 3, 452 2,780 2,194 4,561 1, 052 705 1,515 1,235 1.598 $12,863 22, 615 10, 572 7,974 25,002 12,324 17,192 11, 034 10, 484 7,367 8,341 10,431 $19,152 26, 866 16,171 17, 415 24,095 13, 463 21, 827 12,130 12, 312 10, 264 8,250 15,134 81, 366 !8, 702 156,199 197, 079 91, 541 17,656 ! Government securities 160,201 2 66, 498 Debentures $2, 000 8,000 4,000 2,500 4,000 4,000 3,500 1,500 1,000 1,500 3,000 Member deposits Total assets ' August 31, 1943 $1,918 3,550 782 1,016 7,077 4,841 5,994 1,485 418 1,147 630 3,582 $23, 077 38, 448 21,491 18, 433 33, 691 23, 824 31, 843 17,128 14, 236 12,916 10, 385 22, 229 35, 000 32, 440 267, 701 155, 056 35, 000 30, 895 266, 926 78,224 91, 500 24, 668 306, 238 Capital stock, surplus, and undivided profits. Federal Home Loan Bank Review Table 1 3 — S A V I N G S — S a l e s of war bonds 1 Table 1 4 . — S A V I N G S — H e l d by institutions [Thousands of dollars] [Thousands of dollars] Redemptions Period Series E 2 Series F Series G Total 1941 1942August September... October $1,622,496 5,988,849 474, 206 566,609 587,854 541,573 725,777 $207,681 652, 044 55, 586 66, 728 51,321 44,766 65,994 $1,184,868 2, 516, 065 204, 548 204,907 175,178 148,211 222,398 $3,015,045 9,156, 958 734,340 838, 244 814,353 734,549 1,014,168 $13, 601 245, 547 23,147 25, 933 32,190 36, 843 47,919 77,066 48, 328 43,858 109, 517 85,893 35,149 37, 579 28,095 348, 450 205, 295 180,011 353,421 253,857 144,128 169, 241 112, 434 1, 240, 444 887,195 944, 276 1,469,724 1, 334,984 875, 491 889, 691 801, 729 55,429 69,440 126, 621 95,458 97, 488 134, 822 131, 424 144, 966 December 1943 January February March April May June July August . 814,928 633, 572 720,407 1. 006, 786 995, 234 696, 213 682, 871' 661, 200 .. ._ _- 1 XJ. S. Treasury War Savings Staff, Actual deposits made to the credit of the2 U. S. Treasury. Prior to May 1941: "Baby bonds." Insured savings a n d loans t E n d of period 1941: J u n e . . . . . December 1942: A u g u s t September October November December...... 1943: J a n u a r y February March _ April May... June July •____ August-- $2,433, 513 2, 597, 525 2,798,621 2.834.079 2,873,822 2, 912, 717 2, 983, 310 3, 030, 919 3, 068,672 3.105.080 3,143,943 3,194,029 3, 270, 834 3, 318, 900 3, 362, 380 Mutual savings banks 2 Insured commercial banks 3 $10,606, 224 10,489,679 $13,107,022 13, 261,402 10,620, 957 « 13,820,000 11,104, 706 * 14, 870, m Postal savings 5 $1,304,153 1, 314, 360 1, 344, 478 1, 357, 718 1, 376, 898 1,396,242 1,417,406 1,445,268 1,467,833 1,492,966 1, 517,167 6 1, 544, 712 6 1,576,266 6 1,621,641 6 1, 660, 499 1 Private repurchasable capital as reported to the FHLB Administration. 2 Month's Work. All deposits. 3 F D I C . Time deposits evidenced by savings passbooks. *5 Estimated by FDIC. Balance on deposit to credit of depositors, including unclaimed accounts. 6 Unaudited. Table 1 5 . — I N S U R E D A S S O C I A T I O N S — P r o s r e s s of institutions insured by the FSLIC [Dollar a m o u n t s are shown 1n thousands Operations Number of associations Period and class of association Total assets N e t first mortgages held Cash Government bond holdings ALL INSURED 2,313 2,343 1941: June December.. $3,159,763 3,362,942 $2,555,393 $190,671 2,751,938 i 206,457 2,380 1 3,482,056 3,513,096 2,386 3,548,692 2, 390 3,588,995 2,396 3,651,598 2,398 2,856,588 2,866,497 2,871, 968 2,875,165 2,871, 641 2,405 2,415 2,415 2,417 2,422 2,428 2,435 2,433 3,627,828 3,657,989 3, 690.918 3,757,464 3,811, 47.3 3, 880, 999 3, 875, 269 3, 920, 852 2,865,632 2,866,839 2,868,410 2,881,247 2, 892, 665 2, 918, 577 2, 931, 482 2, 946,968 1941: June December 1,452 1,460 2, 028,138 2,173,326 1.687,087 1.824, 646 1942: August September 1,464 1,466 1,466 1,468 1,467 ' 2,198,357 2, 214,101 2,235,726 2,259,670 2,299,895 1,856, 269 1,861,062 1,862, 593 1,862, 796 1, 853, 868 1,467 1,468 1,467 1,466 1,466 1,468 1,468 1,466 2,264,817 2,278, 839 2,300,638 2,349,831 2, 380, 241 2, 426, 079 2, 408, 687 2,438, 803 1,843,714 1,839, 245 1,839,302 1,846,536 1, 849, 999 1, 865, 991 1, 871, 478 1, 880, 513 861 883 1,131,625 l r 189, 616 868,307 927,292 916 920 024 928 931 1,283, 699 1, 298,995 1,312,966 1,329,325 1.351,703 1,000,319 1,005,435 1,009,375 1,012,369 1,017, 773 938 947 948 951 956 960 967 967 1,363,011 1,379,150 1,390, 280 1,407, 633 1, 431, 232 1, 454, 920 1,466, 582 1,482,049 1,021,918 1,027, 594 1, 029,108 1,034,711 1,042,666 1,052, 586 J,060,C04 1.066,455 1942: August September 1 December 1943: January February March. April . May . June July _ - - - _ . _ - $33, 518 43,892 193,817 116,035 256, 470 193, 452 260,749 241,818 276, 785 376,177 126,390 138,040 16,714 23.623 116,834 70,196 164,430 117,339 156,792 146,537 170, 730 235, 524 64,281 68,417 16,804 20,269 76,983 45,839 92,040 76,113 103,957 95,281 106,055 140,653 Private repurchasable capital Govern1 ment share capital Federal Home Loan Bank advances $2,433,905 2, 597, 525 $206,301 196,240 $144,331 193,275 2,798,621 2,834,079 2,873, 822 2, 912, 717 2,983,310 169,493 169,202 169,162 169, 257 169,167 139,670 125,308 113,856 103,329 113,977 3,030,919 3,068,672 3,105,080 3,143,943 3,194.029 3, 270; 834 3, 318, 900 3, 362, 380 148,220 120, 308 120,138 119,572 119, 547 119, 252 74, 068 69, 941 99,037 82,652 66,970 75,664 67,631 78,155 80, 904 71,013 1,553,712 1,668,415 169,247 160,060 1, 767, 665 1,788,000 1,814,156 1,839, 506 1,882,051 New mortgage loans N e w private investments Private repurchases $85,117 $61,448 63,506 1 74,801 $26, 779 35, 728 43.6 47.8 70,262 68,082 73,124 64,697 91,029 41, 534 40,114 37,720 30,738 30,219 59.1 58.9 51.6 47.5 33.2 39.149 44,076 61,139 69,604 69,471 76,899 77, 994 83,068 119,923 73,455 83,403 83, 242 78, 294 103, 939 134, 065 94, 229 84, 573 42,123 48, 955 47,171 33, 684 33, 704 97,117 50, 250 70.5 57.3 58.7 56.7 43.0 32.4 72.4 53.3 103,696 144,049 57, 542 41,182 40,030 48,872 14, 530 20,400 36.3 41.7 136, 779 136, 518 137,108 137, 208 137,208 103,180 92, 943 83,095 75,865 84,135 36,620 37,987 35, 555 28,163 27,381 45,724 44, 589 47,222 42,076 58,937 26,707 24,745 22,019 18,174 16, 530 58.4 55.5 46.6 43.2 28.0 1,906,323 1,928, 559 1,953,846 1,979,864 2,011, 373 2,060,502 2, 087, 404 2.117,053 118, 769 96,109 96,109 96,109 96,109 96,109 58, 239 55,021 72,046 58,489 46,820 54,254 47, 725 56, 553 59,416 51, 639 23,390 26, 566 37,850 42,717 41,835 46, 730 48, 370 51,172 79,083 48,412 54,824 53, 675 50, 732 68, 235 87, 444 61,351 55, 548 25,987 30, 238 27,774 20,045 19, 586 64, 073 31, 253 70.2 53.7 55.2 51.7 39.5 28.7 73.3 50.9 800,193 929,110 37,054 36,180 40,635 49,226 27, 575 22,324 21,418 25,929 12, 249 15,328 57.2 59 1 1,030,956 1,046,079 1,059,666 1,073,211 1,101, 259 32,714 32,684 32,054 32,049 j 31,959 36,490 32,365 30,761 27,464 29, 842 22.165 23,521 23,466 19,854 19,324 24, 538 23,493 25,902 22,621 32,092 14, 827 15.369 15,701 12, 564 13,689 60 65 60 55 42 4 4 6 5 7 1,124,596 1,140,113 1,151,234 1,164,079 ), 182,656 1, 210, 332 1,231,496 1, 245,327 29,451 24,199 24,029 23,463 23,438 23,143 16,329 14,920 26,991 24,163 20,150 21,410 19, 906 21, 602 21, 488 19, 374 15,750 17,510 23,289 26,887 27, 636 30,169 29, 624 31,896 40, 840 25.043 28.579 29, 567 27, 562 35, 704 46, 621 32, 878 29, 025 16,136 18,717 19,397 13, 639 14,118 33,044 18, 997 71 64 65 65 49 39 70 57 1 4 5 6 5 5 9 8 58, 785 1 61, 508 59,021 48,017 46, 705 Repurchase ratio FEDERAL November December 1943: January February M arch April May June July August _ .. STATE 1941: June. December ._ . _. . _ 1942: August September . . October November December 1943: January February March April . May June_ July August . , . _ . October 1943 ..1 27 A New British Giant D I R E C T O R Y CHANGES J U L Y 1 6 - A U G U S T 15, 1943 Key to Changes * ** # ## 0 00 Admission to Membership in Bank System. Termination of Membership in Bank System. Admission to Federal Charter. Cancellation of Federal Charter. Insurance Certificates Issued. Insurance Certificates Canceled. DISTRICT No. 2 N E W JERSEY: Carlstadt: **Carlstadt Mutual Loan and Building Association, 321 Hackensack Street (sale of assets to South-Bergen Savings and Loan Association, Carlstadt). * South-Bergen Savings and Loan Association, 423 Hackensack Street. Hackensack (Hasbrouck Heights): **The Hasbrouck Heights Building, Loan and Savings Association, 250 Boulevard (transfer of stock to Polifly Savings and Loan Association). Jersey City: **Citizens Building and Loan Association of Jersey City, 283 Central Avenue (transfer of stock to First Savings and Loan Association of Jersey City, Jersey City). *First Savings and Loan Association of Jersey City, 921 Bergen Avenue. •"Industrial Mutual Building and Loan Association, 112 Bowers Street (transfer of stock to First Savings and Loan Association of Jersey City). **K. C. Building and Loan Association, 441 Jersey Avenue (transfer of stock to First Savings and Loan Association of Jersey City). **Lincoln Building and Loan Association of Jersey City, 759 Montgomery Street (transfer of stock to First Savings and Loan Association of Jersey City). Newark: * 0Monroe Savings and Loan Association of Newark, 218 Washington Street. DISTRICT N O . 3 PENNSYLVANIA: Ardmore: * #Civic Federal Savings and Loan Association of Ardmore, Lancaster Avenue near Wynnewood Road (converted from The Civic Building and Loan Association of Ardmore). Pittsburgh: #Allegheny City Federal Savings and Loan Association, 1219 Spring Garden Avenue (converted from Allegheny City Premium Building and Loan Association of North Side, Pittsburgh). DISTRICT N o . 4 ALABAMA: Mobile: ** ^Security Federal Savings and Loan Association of Mobile, 214 St. Frances Street (sale of assets to Home Savings and Loan Association, Mobile). DISTRICT N o . 5 KENTUCKY: Newport: ** ## 00Clifton Federal Savings and'Loan Association of Newport, 714|Monmouth Street (merger with Clifton-Southgate Federal Savings and Loan Association of Newport). • T H E merger of the Abbey Road and National Building Societies unites two of the six leading building societies in Great Britain. Their combined resources will total upwards of £80,000,000, or approximately $250,000,000. The new Abbey National Society will be second in size only to the Halifax Society, formed from the union of two societies in 1938. Resources of the Halifax have since grown to £126,000,000 or some $525,000,000. " T h e fact that the latest combination starts with resources almost double those of the first great merger of 15 years ago, and still takes second place with total assets of over £80,000,000," comments the Building Societies7 Gazette, "is a measure of the astounding growth of the building society movement in the comparatively brief interval . . . Mere size is by no means the main objective of those who designed the Abbey National Society, though they may well be convinced that it is going to be a factor when the great schemes of wholesale reconstruction come to be tackled in the near future . . . "Amalgamations may or may not increase in the immediate future. There is no reason in either event for smaller societies of independent turn of mind to be tempted from their traditional path . . . Where their services are purely local, as in so many cases, they will have no cause to apprehend a greater assault upon their preserves from a unified Society . . ." The merger of the Abbey Road and National Building Societies tops off a process of amalgamation which had been evident in the past 2 years although it involved for the most part smaller institutions. Mergers have played a considerable part in the development of building societies between the two Wars and placed the societies in a strong position to finance the subsequent British building boom. Practically all of the larger institutions in England operate on a nation-wide or regional basis. OHIO: Kent: *The Home Building and Loan Company, 138 North Water Street. Lima: •Citizens Loan and Building Company, 209 North Main Street. Correction DISTRICT N O . 7 WISCONSIN: Eau Claire: * #Eau Claire-Menomonie Federal Savings and Loan Association, 131 South Barstow Street (converted from Eau Claire Mutual Building and Loan Association). DISTRICT N O . 8 MISSOURI: The May issue of the R E V I E W (p. 252) carried an amendment to the Rules and Regulations for Insurance of Accounts incorrectly referred to as Section 203.17 instead of Section 301.17. Kansas City: ** ## 00Success Federal Savings and Loan Association of ^Kansas City, 17 East 10th Street (merger with First Federal Savings and Loan Association of Kansas City, Missouri). 28 Federal Home Loan Bank Review OFFICERS OF FEDERAL HOME LOAN BANKS BOSTON CHICAGO B. J. ROTHWELL, Chairman; E . H . "WEEKS, Vice Chairman; W. H . C. E . BROUGHTON, Chairman; H . G. ZANDER, JR., Vice Chairman; A. R. N E A V E S , President; H . N . F A U L K N E R , Vice President; L. E . D O N O V A N , G A R D N E R , President; J. Secretary-Treasurer; P . A. H E N D R I C K , Counsel; B E A T R I C E E . H O L L A N D , QUAM, Assistant Secretary. G E R A R D M . U N G A R O , Counsel. NEW GEORGE MACDONALD, Chairman; Assistant YORK F. V. LLOYD, Vice Chairman; D E N T O N C. L Y O N , Secretary; H . B . D I F F E N D E R F E R , Treasurer. Secretary; ARDS, President; G. R. P A R K E R , Vice President; H . H . G A R B E R , Sec retary-Treasurer; WILLIAM S. B E N D E R , Counsel. President; LAURETTA WRIGHT, Secretary; MOINES A. E. MUELLER, Assistant Treasurer; EMMERT, J A M E S , LITTLE ROCK W. C. JONES, J R . , Chairman; W. P . GULLEY, Vice Chairman; B . H . WOOTEN, President; H . D . WALLACE, Vice President-Secretary; W. F . T A R V I N , Treasurer; W. H . C L A R K , J R . , Counsel. WINSTON-SALEM H. S. HAWORTH, Chairman; E . C. BALTZ, Vice Chairman; O. K. L a ROQUE, President-Secretary; Jos. W. HOLT, Vice President-Treasurer; TOPEKA P . F. G O O D , Chairman; L . W . B A U E R L E , Vice Chairman; C. A. STERLING T . S P R U I L L T H O R N T O N , Counsel. President-Secretary; R. H . BURTON, Vice President-Treasurer; JOHN S. D E A N , J R . , General Counsel. CINCINNATI Chairman; W M . M E G R U E M. N E E D H A M & L U N D G R E N , Counsel. E . T . T R I G G , Chairman; C. S. T I P P E T T S , Vice Chairman; R. H . R I C H - DIETZMAN, Vice CONSTANCE E . J. RUSSELL, Vice Chairman; R. J. RICHARDSON, President-Secretary; W. H . LOHMAN, Vice President-Treasurer; J. M . M A R T I N , Assistant PITTSBURGH P. DOMEIER, DES D. N U G E N T FALLON, President; R O B E R T G. CLARKSON, Vice President; R. P. Treasurer; BROCK, Vice PORTLAND Chairman; W A L T E R D . SHULTZ, President; W . E . J U L I U S , Vice President-Secretary; B E N A. PERHAM, Chairman; A. C. BOUCHER, Vice Chairman; F . H . A. L. M A D D O X , Treasurer; T A F T , STETTINIUS & HOLLISTER, General JOHNSON, Counsel. Treasurer; Mrs. E . M . J E N N E S S , Assistant Secretary; V E R N E D U S E N - INDIANAPOLIS President-Secretary; F R E D T . G R E E N E , President; G. E . OHMART, Vice President; C. R U S S E L L Secretary-Treasurer; A L E X A N D E R , Counsel. HAMMOND, BOGARDUS, Vice President- BERY, Counsel. Los H. B . WELLS, Chairman; F . S. C A N N O N , Vice Chairman-Vice President; PARKER, IRVING BUSCHMANN, ROLL & D. ANGELES G. D A V I S , Chairman; H O R A C E S. W I L S O N , Vice Chairman; M . M . HURFORD, President; C. E . BERRY, Vice President; Secretary-Treasurer; H E L E N F R E D E R I C K S , Attorney. F. C. NOON,
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